Fees for Bitcoin transactions are increasing, with the average fee currently at $10.20.
This is the third time in history that fees have reached double digits and represent 22.25% of revenues.
Nevertheless, Ethereum is still more profitable for the mining industry due to the massive interest in DeFi.
The price of Bitcoin (BTC) has recently soared by nearly $1,000, exceeding $13,700. However, this is not the only aspect of the world’s largest crypto currency that has seen a sharp rise. Coin fees have almost tripled in just three days, rising from an average of $3.52 to $10.20.
The fees for Bitcoin transactions nearly tripled
According to a new report from Glassnode, the market data aggregator for crypto-currencies, approximately 22.25% of the money currently earned by Bitcoin miners comes from the Mint’s transaction fees. This means that the miners earn only 77.75% of their salary from actual block fees, which makes BTC’s mining operations currently very profitable.
The percentage of #Bitcoin miners’ income from fees has increased to 22.25% in the last hour (24h MA).
This is the highest observed figure since January 2018.
Live graph: https://t.co/hcl2opVV0B pic.twitter.com/0gTFWcbVed- glassnode (@glassnode) October 27, 2020
This also means that the share of the miners’ income from the fees is currently higher than it has not been since the all-time high in January 2018. At that time the revenues from fees even increased by 45%.
Bitcoin’s average daily fees have actually increased for some time now. The growth was quite strong for several days, and they eventually reached double-digit USD figures. This is only the third time in the history of the BTC, the first time in November 2017, and the second time in January 2018, when the BTC fees also reached their ATH, as mentioned above.
Ethereum still more profitable than BTC
It should be noted that, despite the increase in fees and the profitability BTC is currently experiencing, it still seems more profitable to dismantle Ethereum.
As many may know, the explosion of the DeFi sector at the beginning of this year has led to a massive increase in traffic at ETH. Since the project could not scale properly, Ethereum’s fees began to skyrocket, and recently they have managed to grow more than Bitcoin’s own fees.
The Mint’s fees have surpassed those of Bitcoin several times this year, with the most notable fee being reached only three days ago, on October 25. For the time being, the miners can still earn more in fees than the BTC by mining the ETH.