Ethereum Mining Was More Profitable Than Bitcoin Mining In Sep. 2020.

Earlier in the month of Sept., Ethereum miners have earned over 6x times more in fees compared to those users mining on Bitcoin.

In line with a recent official announcement by Glassnode, Ethereum’s total transaction fees stood at an all-time high of $166 Mln for the month – much more than the $26 Mln profits taken in Bitcoin fees.

Ethereum [ETH] fees long trailed those on Bitcoin [BTC], but have been on a tear over the past few months as surging interest in DeFi led to record transaction volumes.

Fee revenue on Ethereum primarily outpaced Bitcoin’s earlier in the month of June – the same month decentralized lender Compound released its governance token & kickstarted the DeFi mania.

Ethereum Mining Was More Profitable Than Bitcoin Mining In Sep. 2020.As the DeFi ecosystem has picked up momentum, the difference between Ethereum as well as Bitcoin fees has hiked from only $10 Mln earlier in June, to overflow $70 Mln by August.

As per recent data analysis, the fee disparity between the 2 protocols practically doubled to $140 Mln later in September.

On the other hand, monthly Ethereum fees were just $1.5 Mln at the beginning of this year in 2020.

This coincides with total value locked [TVL] in DeFi, which primarily broke the $1 Bln earlier in February but had surged over the summer to overflow $11 Bln, consistent with DeFi Pulse.

HIVE Blockchain cited DeFi as a serious contributing factor when reporting that it earned approximately $12 Mln in fees within the secondary fiscal quarter, 30% up from Q1.

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