The hourly wage for Ethereum miners is a five-year record, with the current wage 2275 ETH ($ 880,000) per hour.
The driving force for this was yesterday’s announcement that Uniswap will transfer its UNI control token to previous users of the decentralized exchange. After UNI was announced, more than 70,000 users rushed to collect free tokens, and the price of petrol exceeded 700 Gwei.
Cryptoanalyst Glassnode tweeted that hourly wages peaked at $ 1 million:
Ever since UniswapProtocol announced its UNI $ token today, #Ethereum production has increased significantly. Nearly a million dollars were spent in one hour!
These figures overshadow the daily earnings of miners at the end of the 2017 rally, which peaked at just over 1,000 ETH per hour.
Sky-High fees are paid to regular users outside the system, which damages the profits of large stock exchanges. The US cryptocurrency exchange Coinbase Pro announced earlier today that it would no longer cover the network fees, much to the dismay of users.
The post said: “Historically, Coinbase Pro has raised these fees on behalf of our customers.” “However, as cryptocurrency began to gain more acceptance in applications such as DeFi, payments and other projects, the networks became more congested.” Other exchanges are considered to consider the same.
Su Chu, co-founder of Three Arrows Capital, said the high fees initially rendered the Ethereum network useless and described it as “extremely terrible.”
Several other users reported transactions that took hours or not. Miners are primarily financially interested in processing transactions with higher fees, which results in a large number of pending transactions with lower fees.
By adding a bottleneck to the network, each block also has a limit on the amount of gas that can be included in it, which reduces the number of transactions that can be confirmed in a block as fees increase.
Network congestion forces users and developers to look for alternative solutions. Binance Smart Chain (BSC) saw gains this week as Binance founder and CEO CZ boasted of the platform, hitting 40% of Ethereum’s transaction volume on Tuesday this week.