CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$26,722.00
  • ethereum
    ETH$1,592.55
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Ethereum Daily Fees at $50 Million as Gas Hits Another High

    Ethereum Daily Fees at $50 Million as Gas Hits Another High

    Author: Martin Young

    Last Updated Feb 24, 2021 @ 07:08

    The amount of fees generated by the Ethereum network is approaching peak levels as gas prices continue to skyrocket.

    The Ethereum gas fee insanity has not abated despite a 22% correction in ETH prices. With a new all-time high in gas fees today, the 24-hour ‘revenue’ figure for the network is very close to $50 million.

    According to Cryptofees.info the number in daily fees generated by Ethereum is a monumental $49.55 million at the time of writing and likely to top $50m in the next few hours.

    Bitcoin by comparison has generated just $8.9 million in terms of daily fees. The top two Ethereum based decentralized exchanges, Uniswap and SushiSwap, are third and fourth in the fees list with $5.3 million and $3.7 million respectively.

    Revenues to miners on the ethereum ecosystems are going crazy.

    Everybody wants to use it.#ETHEREUM pic.twitter.com/iapXN312Xx

    — odin free 🏴🐬 (@aarvantOFRE) February 24, 2021

    Miner Misery Over Ethereum Upgrade

    The EIP-1559 upgrade will alleviate some of this gas price insanity though miners are not happy about it as it will eat into their epic revenue stream.

    Ethereum miners are currently earning record incomes and those could be in jeopardy when EIP-1559 rolls out in July if all goes to plan. The proposal will adjust the current auction system for bidding for transactions and allow fees to be generated dynamically on-chain which should lower them for the average user.

    Furthermore, those fees will be burnt which means miners earning less, but better news for ETH holders as it reduces supply and issuance over time. Speaking on Chinese social media, Ethereum co-founder Vitalik Buterin suggested that a move to proof-of-stake would happen quicker if miners decided to threaten the network.

    @VitalikButerin does not care about the opinions of Chinese miners? He suspected that in the Chinese community, “If some miners leave, new ones can come. If the miners attack 51%, we will all move to POS as soon as possible.” Vitalik often speaks in Chinese in Chinese communities pic.twitter.com/dACceoJMAb

    — Wu Blockchain (@WuBlockchain) February 23, 2021

    Gas Price Insanity – $37K Transaction

    Gas prices are currently $38 on average according to Bitinfocharts.com, an increase of over a thousand percent since the beginning of 2021. Fees vary for basic ERC-20 transactions, Uniswap actions, and complex smart contract calls which can cost hundreds of dollars.

    Etherscan is reporting around $18 for a basic transaction, $47 for a Uniswap swap, and as much as $70 to add or remove liquidity from one of its pools.

    One unfortunate DeFi user got stung around $37,000, or almost 25 ETH, when they mistakenly inputted the gwei price for the Uniswap transaction twice. 500 or 801 gwei became 500,801 for the heavy-handed user that no doubt is feeling the pain now for paying one of the most expensive transactions ever.

    Ethereum prices meanwhile have gained a little with 1.5% on the day taking them back over $1,600 at the time of press.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • ethereum3-min
      Average Ethereum Fees Above $30 to New ATH as ETH Drops 35% in Two Days
    • Ethereum bull market
      ETH Gas Fees Skyrocket As Ethereum Price Paints New ATH
    • ethereum_rocket
      Ethereum Price Can Skyrocket to $10,500 According to Fundstrat
    Tags: Ethereum
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Martin J. Young
    More posts by this author

    Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

  • bitcoin
    BTC$26,722.00
  • ethereum
    ETH$1,592.55
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    DeFi Without Native Rights Is Dead

    DeFi Without Native Rights Is Dead

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    Crypto Will Go Away If There’s No Privacy: Interview With Anoma and Namada’s Adrian Brink

    Crypto Will Go Away If There’s No Privacy: Interview With Anoma and Namada’s Adrian Brink

    What Is Shibarium? Everything You Need to Know About Shiba Inu’s Blockchain

    What Is Shibarium? Everything You Need to Know About Shiba Inu’s Blockchain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!