Miner Profitability Update – Ethereum Fee Spike Continues

Miner revenue in major proof-of-work networks
Data from September 18th to 24th; Source: CoinMetrics

Ethereum fees continue to increase with a 53.6% increase in average daily fees recorded over the past seven days. This was preceded by a 48.1% increase in average daily fees week-on-week in the last miner profitability update

Average daily fees earned by Bitcoin miners remains higher at $307.7 K. Miner revenue in altcoin networks increased over the past week despite miner revenue in Bitcoin dropping. Price increases in altcoins increased revenue for miners on these networks. 

However, significant price drops are being recorded on the 25th of September with Bitcoin holding its USD value better than the altcoin market. This will likely result in a significant drop in altcoin miner revenue for the next miner profitability update.

Bitcoin Dominance Percentage
Bitcoin Dominance Percentage Hourly Chart; Source: TradingView.com

Source: CoinMetrics State of the Network