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Bitcoin (BTC) transaction fees nearly tripled in three days, from $ 3.52 to $ 10.20 on average.
According to Glassnode, the data aggregator of the cryptocurrency market, 22.25% of Bitcoin miners’ income currently consists of commissions, while the remaining 77.75% comes from bulk rewards. The fee revenue share is currently the highest it has been since the plateau of the last all-time high in January 2018, which followed commission revenue which increased nearly 45% during the previous month.
The percentage of #Bitcoin commission revenue increased to 22.25% in the last hour (24 hours MA).
It is the highest value observed since January 2018.
Live Chart: https://t.co/hcl2opVV0B pic.twitter.com/0gTFWcbVed
– glassnode (@glassnode) October 27, 2020
The latest spike follows a rise in Bitcoin’s average daily rates over the past few days, hitting double digits in dollar terms for the only time except for the period between November 2017 and January 2018.
Despite the share of mining revenue represented by tripled fees over the past month for Bitcoin miners, Ethereum (ETH) miners are still collecting more fees. Ethereum fees recently surpassed those generated by Bitcoin for the longest streak ever, due to the use of stablecoins and the booming decentralized finance (DeFi) industry built on the Ethereum network.
After overtaking Bitcoin for the first time on June 6, Ethereum’s fee revenue surpassed that of Bitcoin until October 22, with two momentary exceptions in late July and early August.
While Bitcoin momentarily claimed its dominance over fees last week, Ethereum’s fees have been higher again since October 25. At the time of writing, Ethereum’s fees totaled $ 1.74 million in the past 24 hours, compared to Bitcoin’s $ 1.54 million, according to Messari.
Vitalik Buterin’s Ethereum Improvement Proposal (EIP) -1559 recently saw an increase in discussions as a potential way to cut fees. Despite polls indicating community support for the proposal, miners appear strongly opposed due to the expected impact the upgrade could have on their revenues.
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