Ethereum miners earned a record $830 million in January as network activity, fees and ether’s price all surged.
Monthly revenue has not reached this level since the previous record from January 2018 near ether’s previous all-time high, according to data estimates by CoinDesk.
Revenue estimates assume Ethereum miners sell their ether immediately.
On-chain data reviewed by CoinDesk, however, shows network fees in January 2018 only represented 9% of monthly revenue. Last month, nearly 40% of revenue came from network fees, totalling more than $504 million in revenue.
Notably, fees consistently represented a low, single-digit percentage of monthly revenue every month from ether’s previous record high until May 2020 when the Ethereum-centric decentralized finance (DeFi) craze gained momentum.
