Data collected by The Block Research shows that, for the first time, Ethereum miners have brought in more than $1 billion in revenue for the month of February.
That includes approximately $541 million in the form of transaction fees, which miners earn with every new block they successfully create. The fee income has been buoyed by elevated transaction fees on the Ethereum network as well as all-time-high price increases this month.
The February figure — which is set to grow given the remaining days of the month — eclipses January’s total, and is the highest recorded for the data set. It also, perhaps, reflects the surging environment for ETH mining, as demonstrated by recent GPU shortages and moves by some miners to use hardware built into gaming laptops. Gaming hardware maker Nvidia formally unveiled plans for dedicated mining hardware last week.
The price of ETH crossed the $2,000 mark for the first time last week. ETH, the native cryptocurrency of the Ethereum network, is now trading hands at roughly $1,730, per data from Coinbase.