Based on The Block’s Dashboard, the monthly Ethereum mining income determines for August is within the north of $1.65 billion, representing the progress of more than 60% compared to that in July.
But the reality is more nuanced from an ETH-denominated perspective.
For starters, ETH’s worth has been trending up over the past 30 days, hovering above $3,000 for most of the month, whereas the market was comparatively bearish in July when ether’s worth hovered around $2,000.
As of August 29, transaction fees that Ethereum miners have been in a position to collect as a part of their revenues within the month were about 61,000 ETH – a sharp drop from over 91,000 ETH collected in July, according to information compiled by Etherscan.
The August number is where it’s largely because of the rising degree of on-chain actions on Ethereum amid the craze in NFTs, which generated important volumes on NFT marketplaces.
The transaction price drop in complete ETH quantity adopted Ethereum’s EIP-1559 improve on August 5, which was activated to burn a portion of the network’s transaction fees that previously belonged to Ethereum miners.
The burnt amount crossed the 100,000 ETH degree about 20 days after the network upgrade activation.
As of press time, more than 135,000 ETH in transaction charges have been burnt, worth over $420 million, which was greater than the entire transaction fees paid to Ethereum miners in July.