Ethereum monthly mining fees extended to yet another strong month, tying the Bitcoin mining markets monthly revenue at $1.72 billion.
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- Ethereum burnt $1 billion ether over the period – a record monthly high three months after the technical changes implementation.
- Priority tips are the fees paid to miners and accounted for only $200 million in revenue.
- The price of Ether rose 30% over the same period.
Demand to use the Ethereum network is apparent in the monthly numbers compared to earlier 2021 months. For example, October’s burn value (sans priority fee) surpassed May’s record transaction fee totals.
After three months of ether burning it's apparent what the makeup of mining revenue will consist of. And while it's frustrating for miners to see billions of dollars worth of ether be burnt rather than enter their wallets, miners can perhaps take solace in the asset’s concurrent price appreciation.