DeFi Mania: Ethereum [ETH] Miners Earned More than Double of Bitcoin [BTC] Miners in 2020

By Bhushan Akolkar
Published September 29, 2020 Updated September 29, 2020
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DeFi Mania: Ethereum [ETH] Miners Earned More than Double of Bitcoin [BTC] Miners in 2020

By Bhushan Akolkar
Published September 29, 2020 Updated September 29, 2020

Ethereum (ETH) miners are making a fortune this year in 2020! Thanks to the mad craze in the Decentralized Finance (DeFi) market that has helped to fuel the growth of the Ethereum network. As per the latest data by Coinmetrics, Ethereum miners have pocketed over $350 million in transaction fees so far this year. Interestingly, this is more than twice of what Bitcoin (BTC) miners earned during the same time.

For many years, BTC miners have dominated over ETH miners in terms of transactions. But since the majority of DeFi tokens are based on Ethereum, the game has completely flipped in favor of ETH miners.

The above chart by CoinMetrics clearly shows that ETH miners surpassed the BTC miners last month in August. Since then, the gap between the two has expanded very rapidly. CoinMetrics has also shown an interesting comparison for 2019, with a completely opposite scenario. It tweeted,

Average Transaction Fee On Ethereum

Over the last month, the average transaction fee on Ethereum has remained around $3, as per data on BitInfoCharts. Several DeFi tokens, stablecoins transfers, and Yield Farming tokens significantly contributed to the surge.


The above chart shows that the ETH transaction fee suddenly spiked during the first week of September. On September 2, the average ETH transaction fee made a high of $14.53. However, is has declined since then as is currently around $3

The DeFi craze on Ethereum soon started after the Compound protocol released its COMP token. Later, the yield farming platform Yearn.Finance released its YFI token taking the DeFi market by storm. The latest release of Uniswap’s UNI governance token has added more fuel to it.

DeFi protocols have attracted massive sums of investments over the last month. As per DeFiPulse, the total-value-locked (TVL) in DeFi smart contracts is currently $11 billion. Since the Ethereum blockchain hosts a majority of the DeFi smart contract, it also has the majority share in Defi TVL. On Monday, Uniswap became the first DeFi token to have over $2 billion in total-value-locked.

Thus, as long Ethereum continues to dominate the lion’s share in DeFi market, ETH miners will continue to make more money.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
882 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.