Crypto miners are celebrating their contributions to the Ethereum (ETH) network. Just like February, March was also an outstanding month for Ethereum miners, as their monthly revenue surged to a new all-time high of $1.38 billion.
According to on-chain data compiled by The Block, Ethereum miner revenue hit a new high in March, surpassing the previous month’s value by 0.73%. The crypto news site reports that inflows from transaction fees constituted the bulk of the revenue. At the same time, transaction fees represented 47.22% of the total miner revenue in March, miner subsidies, and sat at 12.89%.
Early in March, miners rebelled against the upcoming Ethereum Improvement Proposal (EIP)-1559, which is supposed to introduce a gas-saving upgrade. The miners expressed concerns that the upgrade could cut profits by up to 50%. It is still unclear whether the Ethereum dev team will push forward with the promotion. But until that happens, miners will continue to make a killing from high gas fees.
Beyond miner revenue, ETH hit some critical milestones in Q1 2021. In late March, Visa, in collaboration with Crypto.com, enabled Ethereum-powered USDC stablecoin settlements at millions of merchant locations worldwide. Visa commented at that time:
We see increasing demand from consumers worldwide to access, hold, and use digital currencies, and we see a need from our clients to build products that provide that access for consumers.
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