Ethereum Transaction Fees to Miners Surpassed Uncle Rewards Last Month

Ethereum transaction charges paid to miners surpassed the price of sustaining the community final month.

In response to a sequence of tweets by Ankit Chiplunkar, analysis lead at The Token Analyst, Ethereum transaction charges paid to miners exceeded the uncle reward in March 2020. Ethereum customers paid 26,100 ETH ($4.Four million) in transaction charges to miners final month versus the uncle reward of 20,400 ETH ($3.Four million). 

Chiplunkar defined the discrepancy between miner charges and the uncle reward, saying that customers are paying greater than the price of sustaining ethereum’s community on a 15-second blocktime. 

A glance into $ETH miner rewards 👇

half of) Charges paid to miners (ETH 26.1K) exceeded the uncle reward (ETH 20.4k) paid to miners in March 2020.

i.e. the charges paid by the customers at the moment are higher than the fee paid by the community to take care of a 15sec blocktime.

information: @thetokenanalyst pic.twitter.com/jXXXBiWYRW

— Ankit Chiplunkar (@ankitchiplunkar) April 14, 2020

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The analysis lead additionally confirmed that charges paid by sensible contract transactions have outweighed primary ether transactions since January 2019. Final month, sensible contract charges have been 8.6 occasions higher than these of standard transactions on ethereum’s community. 

2/2) Since Jan 2019 the charges paid by sensible contract transactions are higher than charges paid by primary $ETH transactions.

In Mar 2020 alone, the charges paid by sensible contract transactions (ETH 23.4K) was 8.6 occasions that of charges paid by primary Eth transactions (ETH 2.7k). pic.twitter.com/5jIXvCBge7

— Ankit Chiplunkar (@ankitchiplunkar) April 14, 2020

One person identified the discrepancy in final month’s miner charges and uncle reward might have represented an anomaly, because the crypto markets skilled one of many worst single days of losses on Mar. 12. 

Looks as if sort of a stretch to say “now”, as a result of it is solely a 1 month dataset, which incorporates the “Black Thursday” occasion which noticed an irregular uptick in transactions attributable to giant worth fluctuations.

— ⚡KAMES.ΞTH 🐺 (@KamesCG) April 14, 2020

Featured Picture Credit score: Photo through Pixabay.com