ETH Transactions Near Record High as Miners Spam the Network – Cointelegraph

ETH Transactions Near Record High as Miners Spam the Network – Cointelegraph

The number of daily transactions on the Ethereum network is approaching all-time high levels amid the rise of stablecoins and DeFi tokens — and with some miners reportedly spamming the network. 

Daily usage on Ethereum spiked recently to 1.1 million transactions — a total not seen since its all-time high of 1.35 million daily transactions in early 2018. 

The spike comes alongside some unusual behaviour by miners. According to Trustnodes, the Ethermine mining pool performed more than 13,000 transactions within 24 hours that were 0.05 ETH —roughly $11.70 — or less. Miners like SparkPool and Nanopool were also guilty of flooding the network with small transactions, albeit in shorter bursts. 

Ethermine

Together these mining pools have been issuing tens of thousands of small transactions per day adding up to millions of additional transactions.

The last time a serious attempt was made to spam Ethereum was in September 2016, when denial-of-service attacks targeted the network with excessive transactions, ultimately forcing it to execute a hard fork designed to increase the gas cost.

Crypto holders on Reddit were quick to speculate on the developments. User Njoiyt said the mining pools might be “purposely clogging the network to increase fees paid to themselves”.

USDT and DeFi doing their part

Cointelegraph has reported that stablecoins like Tether (USDT) use the most gas on the network,
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