Ethereum miners are accused of foul play

Cryptocurrency network participants were suspected of manipulating block data.

The income of miners from transaction fees on Ethereum exceeded the profit from finding blocks in the network for the first time in the history of the project.

Data: The Block

In September, the income of Ethereum miners from transaction fees reached $172 million. The total amount of payments for finding blocks at the same time reached $150 million. The total income of miners was $ 320 million. The indicator is far from the all-time high t $780 million, which was recorded on January 13, 2018. Recall that it occurred at the time when ETH reached a record value of $1432 (according to the CoinMarketCap resource).

Statistics indicate that the income of Ethereum miners in September was 53.4% higher than in August. One of the reasons for the active growth in income from commissions on the ETH network was the interest of crypto community members in popular protocols from the decentralized finance (DeFi) sector. Many projects from the designated category work on the Ethereum blockchain.

ETH gas is required to carry out transactions with DeFi project tokens. At the time of writing, the Uniswap protocol generates the most commissions.

Top gas consumers in the Ethereum network. Etherscan data

According to the schedule of changes in fees in the Ethereum network, the indicator went into active growth in the middle of summer 2020. The cost of transactions with ETH, in comparison with bitcoin indicators, is as follows:

Data: bitinfocharts.com

At the same time, Ethereum miners were accused of foul play. An anonymous researcher under the nickname Frank Topbottom paid attention to the strange arrangement of blocks in the cryptocurrency network. In his opinion, miners can manipulate processes to maximize recoverable value (MEV).

This is theoretically possible due to the fact that network users can independently choose transactions for processing, based on their profitability indicators. The network participants believe that this is how miners gained access to data manipulation through a preliminary conspiracy with pool operators.

Be the first to comment

Leave a Reply

Your email address will not be published.


*