BlockchainEthereum (ETH)News

Gas Fees Spike As Ethereum Raises Daily Fees To $50 Million

The number of fees that are being generated by the current Ethereum network has been rising astronomically as of late. In fact, many are suspecting that the gas prices will actually continue to rise as the fee levels approach their peak capacity rapidly.

Gas Fee Craze Continues Despite ETH Price Correction

Although there has been a recent correction in terms of Ethereum prices, the insanity relating to the gas fees of Ethereum has not subsided at all. The correction itself had been close to 22%; however, in spite of this, the gas speeds are expected to reach all-time highs as the daily revenue is about to reach $50 million for the Ethereum network.

This is extremely interesting as, by comparison, Bitcoin has only managed to earn almost $9 million as part of its daily fees. The rest of the competition is not doing so well either, as SushiSwap only managed to earn $3.7 million and Uniswap generated $5.3 million. At the time of this writing, the daily fees for the Ethereum network currently sit at $49.55 million, with many predicted the $50 million mark to be reached extremely soon.

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Ethereum Upgrade Leads To Some Misery For Miners

In order to counter such an insane spike in gas prices, an upgrade has recently been brought to light (EIP-1559). However, a portion of miners is not satisfied with this due to the fact that their revenue stream will be adversely affected.

Moreover, the burning of fees will most likely lead to miners earning less than what they are used to, despite the issuance and supply being reduced, which is actually a positive factor for Ethereum holders. Still, the record-breaking incomes that the miners are currently enjoying could all be a thing of the past, should the aforementioned upgrade be implemented later on this year.

Insanity Of Gas Prices And Future Outcome

$38 on average seems to be the current gas price as of this moment. This amount is the result of a whopping 1,000% increase since 2021’s beginning. Fees may vary as time goes on, and Ethereum’s prices have increased as well in the mean-time with 1.5% daily, resulting in a take-back of more than $1,600.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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