Today was the umpteenth day that the crypto markets were in the red in most places with double digits. Where ether (ETH) set price record after price record not long ago, the second largest cryptocurrency is even below $ 2,000 today. A decrease of more than 50% in a very short time.
Despite this price action, the miners of the Ethereum network have still had a decent month. In May of this year, record sales will most likely be made by these miners. According to data from The Block Research, ETH miners have already raised $ 1.93 billion this month.
Miners on Ethereum earn from the transaction costs that are made on the network, but also receive a subsidy for their services. Of total sales, $ 922 million came from transaction costs and the remaining $ 1.01 billion was in grants. It therefore seems unlikely that the previous record turnover will not be broken this month.
This trend has been visible for some time. Last week it was revealed that the Ethereum gas fee, or transaction costs, have never been higher. In a week, this amount increased by no less than 470%. At the time, the price of the gas fee of course exploded as a result of the enormous price increase that ether went through. A high gas fee is of course good for the turnover.
Meanwhile, we have gone through opposite price movement of ether. The fact remains, however, that many transactions have still taken place on the Ethereum network. When the price rises enormously, the volume is high, but also when the price falls rapidly. That’s why, despite the ether crash, revenue for miners is astronomically high this month. In addition, the month of May is not even over yet. The expectation is therefore that the record turnover will only continue to rise.