As Ethereum hits a new all-time passing the previous all-time high was $1300 in January 2018, its mining revenue also hits a new all-time high. Actually, It’s a record over a record.
But first of all, those readers who don’t know the term “Mining Revenue”, Let me explain a little.
Cryptocurrency mining is can be defined as validating the transactions on the blockchain network. In other words, miners are the people who maintain the blockchain network. They analyzing the transactions and validating them by their power of hardware they use. In return, they get fresh specified crypto and transaction fees on the network. It is called “Mining Revenue”.
Unlike centralized cryptocurrencies such as Ripple’s XRP, most other cryptocurrencies are decentralized. Those cryptocurrencies don’t run on an individual’s control. Instead, it runs on millions of computers worldwide. Decentralized cryptocurrencies must need a 3rd party to validate transactions. That’s where miners came into action.
Okay back to the topic. All of these data is according to The Block Crypto’s crypto data. As you understand, Ethereum mining revenue hits a new all-time high at $1.65 billion in total on April 2021. Surpassing the previous high was in March 2021 at $1.38 billion.
In January 2018, it topped at $762 million. The first time in this season it broke the 2018 high was in January 2021. It was peaked at $829 million. This is why I mentioned this all-time high as a record over a record.
Considering transactions on the Ethereum network, it has also peaked at a new high. As you already know, it’s one of the facts that mainly depends on the mining revenue. More transactions mean more transaction fees = Increasing mining revenue.