Ethereum Miner Fees Just Hit an All-Time High

Editor's Note: This article comes fromCybtc Blockchain (ID: cybtc_com), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Cybtc Blockchain (ID: cybtc_com)

, reprinted by Odaily with authorization.

Ethereum fees hit an all-time high of $1.771 million. Show IntoTheBlock data. The daily gas fee cost is 569 Gwei.

The second-largest cryptocurrency by market capitalization surged to $1,162 earlier in the day, its highest level since Feb. 1, 2018, before a sharp market correction as bullish bulls paused the buzz.

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Gas fees (fees paid to process transactions on the blockchain) typically spike when demand spikes. They are paid to the miners responsible for processing transactions on the network.

Ethereum miners collected a whopping $898,000 in fees in just one hour, an all-time high, according to data from Glassnode.

The recent surge not only eclipsed the boom in the decentralized finance (DeFi) space in 2020, but also managed to outpace the inflated ICO bubble in early 2018.

Automated market maker Uniswap and stablecoin operator Tether remain the biggest concerns, accounting for the majority of fees spent over the past month.

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