First time in Ethereum's history, miners made more from fees than from block rewards

Ethereum • October 1, 2020, 8:50AM EDT
UPDATED: October 1, 2020, 8:58AM EDT
The Block

Ethereum miners made more money from gas or transaction fees than from block rewards in September.

The event has occurred for the first time in Ethereum's history, according to The Block Research. Miners made about $172 million from fees last month and about $150 million from block rewards, taking their total revenue to more than $320 million.

Overall, Ethereum miners made 53.4% more in September than August when their total revenue was about $285 million.  This is because gas fees peaked last month, driven by the continued growth in the decentralized finance (DeFi) space.

Ethereum transaction fees have subsided since then and the current average fee is about $3 per transaction, according to tracker BitInfoCharts.

About Author

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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