Ethereum’s adjusted on-chain volume, miner revenues reached new highs in May
Data for the month of May shows that on-chain transaction volume and mining revenue figures for Ethereum hit all-time highs.
The monthly mining revenue figure hit $2.35 billion, an increase in total revenue by 42.4% compared to April. Ethereum miner transaction fees also broke past $1 billion for the first time in May, increasing 43.9% from April to reach $1.03 billion.
The revenue figure was buoyed by ETH hitting an all-time high price last month above $4,300. At press time, the price of ETH is about $2,570, per Coinbase.
The adjusted on-chain volume figure surged to a high of $666 billion, representing a 92.7% increase from April.
As noted by The Block’s Lars Hoffmann in his by-the-numbers research report, May represented the first time that the on-chain volume figure for Ethereum surpassed that of bitcoin. Bitcoin’s on-chain volume declined by 8.9% in May, falling from $446.9 billion in April to $407.3 billion.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: MK Manoylov
