The miners of the Ethereum network, obtained record income from commissions during the month of June. This time, it is a record high of 17% of their total income.
If you compare this income from last June with that of May, you will see that the difference is 7% (in May, they were 10%). This data is taken according to a moving average of every 30 days.
It should be noted that Ethereum miners generally earn their income in two ways. The first, for the mined blocks and the other, through transaction fees.
Factors that could have led to this increase
According to information from The Block Crypto portal, the increase in the amount of commissions could be due to several factors. Among them the ponzi schemes, which have lately become the main protagonists of this network.
Compared to Bitcoin, the increase in transaction fees received by Ethereum miners are extremely high. In this sense, the main cryptocurrency, during the month of June, had a fall of 10%, which was preceded by another of 4% in May.
Ethereum miners recently increased the Gas cap to improve network capacity. The measure, although effective, was criticized by some developers, who assure that it, attempts against the stability of the Blockchain of this cryptocurrency in the long term.
Ethereum miners waiting for a major change
Ethereum’s Blockchain network, in the specific case of mining, has been the source of numerous news in recent weeks. This is the ETH 2.0 update, which is scheduled to be released later this year.
In this new ETH generation modality, the platform would stop working with the Proof-of-Work (PoW) protocol. Instead, developers are looking to implement Proof-of-Stake (PoS).
It must be remembered that there are substantial differences between one and another way of generating ETH. With PoW, Ethereum miners carry out the process in the traditional way, in the same way that Bitcoin miners do, where various miners compete to get and process blocks. This involves a huge energy expenditure and requires large investments to be able to access cryptocurrencies.
For its part, with the PoS protocol, the network randomly selects the users who will be in charge of processing the transaction block. In this way, one of the big problems of Ethereum mining, energy consumption, would be being solved.
This change towards Ethereum 2.0 means the end of mining as it has been known so far in that network. Despite this, the developers of the project assure that both protocols will work simultaneously for an undetermined period of time.
Data to consider
- The income of Ethereum miners during the month of June amounted to 17%, 7 points above what was received during May.
- For its part, the income from transaction fees in Bitcoin decreased by 10% and 4% in the same period of time.
- By the end of the years, the Ethereum Blockchain network will undergo a radical change, when it abandons PoW for PoS.
- On Ethereum there are two ways to access the ETH cryptocurrency. Through payment for processed blocks and transaction fees.
The information in this content has been extracted from reliable sources detailed below.
1-Professional handling of content by the authors of CryptoTendency.
2-External sources: Theblockcrypto.com.