Larry Cermak has recently reported that the total transaction fees accumulated in the month of July are almost 23 percent of the revenue generated by the miners.
In May 2020, the total accumulated transaction fees on Ethereum blockchain was just 10 percent of the revenue miners generated.
It is to be noted that compared to Bitcoin miners, the Etehreum miners generated very little revenue in July 2020. Bitcoin miners generated total revenue of $299 million.
In the month of June, the transaction fees of Bitcoin was increased by 4 percent but in the month of July, it doubled and reached 8 percent.
Although the Bitcoin miners revenue for the month of July was higher than the Ethereum’s, compared to the past 15-month, Bitcoin miners’ recent revenue was very low and the reason behind it was the halving, which happened in May.
After the halving, the per-block subsidy has been reduced to 6.25 BTC.
As per the report, Bitcoin miners’ revenue was increased because of its network fees and the mempool size.
Mempool of Bitcoin is a kind of depot which holds the verified transactions. Soon these verified transactions would be included in the new blocks generated by the miners.
Notably, since July 01, the new blocks of Bitcoin has been increased to 11,000 percent.
A report published in July notified that Ethereum Miners’ daily profit on the network has been surging over 60 percent in a month. The increasing transaction fees and the slow growth in competition from other miners are the reasons, Ethereum Miners earned so much profit last month.
Sparkpool published its data indicating on June 27, the daily income of the Ethereum miner was recorded around $1.85 per 100 megahashes seconds, which in July reached $3.27.