Ethereum Fees Near Half the Block Reward, But Hashrate Remains Unchanged

ethereum fees july 23 2020

Ethereum fees have reached 5,000 eth a day, worth about $1.3 million, following a significant rise in transactions to near 1.2 million a day. That’s closing in on half the block reward that miners receive, about 13,000, so making their daily block reward therefore near 20,000 eth. Despite this significant increase in miners’ income, the hashrate remains completely unchanged, making it very puzzling. Puzzling because although ethereum’s price has changed and quite a lot, and now miners’ income is also changing through fees, the hashrate appears to be completely unresponsive. It’s not too clear why the hashrate appears to not care much about a substantial rise in income with miners previously saying it takes $150 to mine one eth. With rising profits, you of course would expect a rise in competition, and thus hash, but that hasn’t quite been the case for eth. The reason may be that industrial level…

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