Ethereum (ETH) miners seem to have an edge now over their arch-rivals as they surpassed Bitcoin (BTC) miners on transaction fees charged for two consecutive months.
Crypto market data aggregator Messari revealed this key metric on Thursday, showing it is the longest period that Ethereum’s transaction fee revenue had surpassed BTC in the crypto asset’s history.
Ethereum fees have been higher than Bitcoin fees for 2 months straight. It’s longest streak ever pic.twitter.com/2KgnNBcrrT
— Messari (@MessariCrypto) October 8, 2020
This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.
Meanwhile, the median Ethereum gas price has massively spiked as well, reaching levels as high as 700 Gwei.
READ: 88.0% of all Bitcoins mined, as 2.5 million BTCs left to be mine
Is mining Ethereum worth it? When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards.
However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed.
Nairametrics, however, believes that ETH’s value in recent months has gained exponentially and will most likely continue to do so, thus making mining potentially profitable in the long term.
Explore Data on the Nairametrics Research Website
Quick fact; On Ethereum, all transactions and smart contract executions require a small fee to be paid, called Gas. In technical terms, Gas refers to the unit of measurement on the amount of computational effort required to execute an operation or a smart contract. The more complex the execution operation is, the more gas is required to fulfill that operation. Gas fees are paid entirely in ETH.
Author: News Bureau
October 9, 2020
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Bloomberg researchers predict Tether to surpass Ethereum by next year – here’s why
In their monthly crypto outlook report for October, Bloomberg researchers have concluded that before the end of 2021, Tether (USDT) will overtake Ethereum to become the second most valuable cryptocurrency by market capitalization.
According to the newest Bloomberg report, there is currently a demand in the cryptocurrency markets for Bitcoin and stablecoins that mirror the dollar. If this trend continues, USDT will benefit and grow to new heights.
The data led the researchers to another prediction as well. The team at Bloomberg thinks the increased interest in stable coins will lead to central banks creating and issuing their own digital currencies.
“Expect Bitcoin #1, Tether #2 in 2021 If Trends Remain the Same. Indicating demand for a digital version of gold (Bitcoin) and a crypto-asset like the dollar, if current trends prevail, the market cap of Tether may surpass Ethereum next year. Increasing adoption of stable coins is likely a precursor for central bank digital currencies and promises to be more enduring than alt-coin speculative excesses. The rapid rise in the market cap of stable coins indicates that central bank digital currencies (CBDCs) are a matter of time, in our view.”
The researchers also put forth the idea that the market cap of Ethereum has been in stagnation for several years.
“It should take something significant to stall the increasing adoption of Tether, the top stable coin, which is on pace to match the capitalization of Ethereum in a bit less than a year, based on the regression trend since the start of 2019. Our chart depicts the stagnant market cap of Ethereum since 2017 vs. rapidly rising Tether, which jumped to a new high of almost $16 billion at the start of October.”
Ethereum has faced criticism at times for its high gas fees and slow transaction times, and many experts believe an exodus to newer and more efficient protocols could happen soon. Still, over the course of 2020, Ethereum has gained around 130% as the cryptocurrency community anticipates the release of ETH 2.0.
Author: By TeamMMG