Ethereum's adjusted on-chain volume, miner revenues reached new highs in May

Data for the month of May shows that on-chain transaction volume and mining revenue figures for Ethereum hit all-time highs. 

The monthly mining revenue figure hit $2.35 billion, an increase in total revenue by 42.4% compared to April. Ethereum miner transaction fees also broke past $1 billion for the first time in May, increasing 43.9% from April to reach $1.03 billion. 

The revenue figure was buoyed by ETH hitting an all-time high price last month above $4,300. At press time, the price of ETH is about $2,570, per Coinbase.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The adjusted on-chain volume figure surged to a high of $666 billion, representing a 92.7% increase from April. 

As noted by The Block's Lars Hoffmann in his by-the-numbers research report, May represented the first time that the on-chain volume figure for Ethereum surpassed that of bitcoin. Bitcoin’s on-chain volume declined by 8.9% in May, falling from $446.9 billion in April to $407.3 billion.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.