Busy Ethereum miners continue to ride crest of DeFi wave

Even though Ether remained fairly unchanged in September, the Ethereum network noted a significant increase in overall revenue brought on by high fees.

Miners claimed the equivalent of $168.7million in raw Ethereum.

In other words, ETH saw a 39% increase in fees month-over-month.

Bitcoin fees revenue fell a little over the period, with BTC miners claiming only $26million in September.

It has all been caused by the sudden spike in DeFi activity.

With DeFi on the up, demand has been growing at a good rate, although at the expense of costlier fees and slower transactions, an issue that the Ethereum ecosystem will seek to resolve.

Meanwhile, new participants have been joining the network, hoping to reap benefits from the movement.

However, network congestion is becoming a more disruptive part of the experience, which even good yield from mining may not be able to offset, at least for those who don't own too much stake.

Ethereum has overtaken BTC in fees, but it has done so in costs as well.

Some have even argued that the so-called DeFi craze may have come to its short-lived end and popularity is going to continue decline from here on in, with regulatory action now looming.

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Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.