I’m a beginner in mining does anyone knows why the income from mining etherum have been increased Like 4 times more from a few days ???
That’s a good question I’m asking myself too
Because SO many things are now built on top of the Eth network, the price for transactions has skyrocketed - meaning the transaction portion of mining fees is also skyrocketing. A lot of people are blaming Defi built on top of Eth for sucking up a lot of the bandwidth apparently.
Things have increased so dramatically that if it continues, I will be fully paid off on my 3 rigs in 3 months instead of 20. I hope it continues, selfishly.
So it is all about the extra transaction fees ??
Is this because of the demand in transactions with etherum have been increased the last couple months ??
Do you think this may happen with other cryptocurrencies in future ??
Thank you in advance
Yes, Miners receive the Block reward plus the transaction fees (GAS). Miners are really making out with this congestion of the ETH network.
Yes, it’s the gas fees being sky high - and these fees are paid to miners. Also, yes, because other networks are basically built on top of Etherium, which has rocketed up the demand for transactions to be processed.
It’s possible, but right now hard to say. I would lean towards it not being likely in such as scale in the near future. Other coins have claimed to be “BTC” killers or “Eth” killers, but have yet to actually do such. It would have to be a project designed in a similar fashion to Eth that also gets picked up by a majority of people.