Ethereum miners earned a record $500,000 in fees in a single hour, raising concerns about network stability.
Transaction fees on the Ethereum network have recently reached a new hourly record. According to Glassnode, an on-chain analytics firm, miners on the network earned over $500,000 in just one hour today as Ether (ETH) rallied.
Currently sitting at its 2020 high of $486, Ether rallied 10% today. The spike in network activity is thought to be related to the launch of Sushiswap, a fork of Uniswap that has hit $1 billion in total value locked in less than 24 hours.
The news may sound good for Ether miners whose revenue is increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached its 20-month high recently, despite the recent controversy regarding a proposal that aims to reduce block rewards by 75%.
However, it points to an ever-growing issue in the sustainability of Ethereum in the short and long term. While DeFi seems to be leading to a renewed bull run for Ether, it also seems to be the major cause for its technical issues.
https://cointelegraph.com/news/ethereum-gas-fees-reach-500k-as-eth-price-hits-a-2020-high-at-486