Cryptocurrency
Ethereum Miner Profitability Soars as Transaction Fees Hit Fresh All-Time Highs
As reported on NewsBTC, “Demand for the Ethereum blockchain has been rising at a rapid pace throughout the past several weeks and months, with the DeFi mania driving swathes of investors to decentralized exchanges like Uniswap to trade ERC-20 tokens. “One byproduct of this trend has been a massive spike in the cost of fees to […]
As reported on NewsBTC, “Demand for the Ethereum blockchain has been rising at a rapid pace throughout the past several weeks and months, with the DeFi mania driving swathes of investors to decentralized exchanges like Uniswap to trade ERC-20 tokens.
“One byproduct of this trend has been a massive spike in the cost of fees to transact on Ethereum, which have hit fresh all-time highs, far outpacing those seen during the 2017 and 2018 ICO mania.
“This has made mining Ethereum highly profitable, with standard GPUs producing notable returns every month.
“Investors have been flooding into decentralized exchanges at an unprecedented rate throughout the past few months, purchasing a vast array of DeFi-related tokens.
“This has fueled massive gains amongst these coins, with many seeing parabolic returns of 1,000% or more over the past few weeks.
“So-called ‘yield farmers’ have also been heavily transacting on Ethereum to take advantage of highly lucrative returns on various pools across the ecosystem, which requires that users make multiple transactions to move tokens between pools…”