Miners of Ethereum, the second largest cryptocurrency by capitalization, earned $829 million in January 2021. This is the all-time high within the entire history of Ethereum.
January 2021 was the record month for Ethereum miners by earnings. They received the equivalent of $829 million in block rewards over the past month, according to CoinMetrics. The previous all-time high of ETH miners revenues was recorded in January 2018. Then the miners earned $762 million.
It should be noted that the structure of mining income changed a lot. If until mid-summer 2020 the bulk of their income came from coins that were rewarded by the system for forming blocks, then from August 2020 the share of income received from transaction user fees sharply increased. In January 2021, this type of miner income accounted for almost 40% of all mining revenues.
According to the F2Pool mining pool, the most profitable computing equipment for Ethereum mining is Nvidia RTX 3080 video cards or ASIC A10 Pro machines. They are able to bring their owners approximately $62 gross profit per day.
Amid the growing popularity of DeFi protocols, most of which are built on the Ethereum blockchain, transaction fees on the Ethereum network jumped to record highs. According to BitInfoCharts, the average transaction fee on the Ethereum network now exceeds $11, and on January 11, it reached an all-time high, overtopping $16.
Bitcoin miners also skyrocketed revenues in January 2021, earning $1.12 billion in a month. But they didn’t manage to update their previous all-time high, reached in December 2017, when they earned $1.25 billion, even though the bitcoin rate in January 2021 exceeded the price level of December 2017. But the halving in May 2020 reduced coins, rewarded to bitcoin miners for block mining.