Miners rejoice as transaction fees on Ethereum hit a high for 2020. But with staking on the horizon, how long can such revenues last?
The average transaction fee on Ethereum has increased by over 160%. Miners are enjoying higher revenue at the expense of users, but this could change in the near future.
Transacting on Ethereum Is More Expensive
Ethereum transaction fees have been increasing over the month of May, with the average transaction fee rising to nearly $.30 this month.
This has been a cause for concern as it makes using the network more expensive.
The average transaction fee for 2020 thus far is $.15 or 0.00085 ETH. However, the average transaction fee for the month of May alone is $.29 or 0.00143 ETH, per data from CoinMetrics.
But there are anomalies where higher transaction prices prevail. On Synthetix, for example, the average transaction fee to mint SNX is $7.4 at the time of press. Read More