Bitcoin (BTC) transaction fees nearly tripled in three days, from an average of $ 3.52 to $ 10.20.
According to the Glassnode cryptocurrency market data aggregate, 22.25% of Bitcoin miners’ income currently comes from fees, with the remaining 77.75% coming from block rewards. The share of fee and commission income is currently the highest since January 2018, when fee and commission income rose to almost 45% compared to the previous month.
The latest increase comes on the heels of a spike in average daily bitcoin fees in recent days, when the two dollar numbers only started acting once, except for the period from November 2017 to January 2018.
Even though the share of mining revenue represented by fees has tripled for Bitcoin miners over the past month, Ethereum (ETH) miners are still paying more fees. Ethereum’s fees recently surpassed those generated by Bitcoin in the longest streak due to the use of stack coins and the explosive Decentralized Economy (DeFi) sector built on the Ethereum network.
Surpassing Bitcoin for the first time on June 6, Ethereum’s fee revenues surpassed Bitcoin until October 22, with two temporary exceptions in late July and early August.
While Bitcoin regained its dominance in fees last week, Ethereum fees have increased again since October 25. At the time of writing, Ethereum fees were $ 1.74 million in the last 24 hours, up from $ 1.54 million, according to Messari.
The Ethereum Enhancement Proposal (EIP) -1559 submitted by Vitalik Buterin has sparked intense debate lately as a potential way to lower fees. Despite polls showing public support for the proposal, it appears that miners are vehemently opposed due to the expected impact of the upgrade on revenue.