Ether (ETH) miner revenue skyrocketed during the month of September according to data from glassnode, an onchain analytics resource. While the price of Ether did not rise significantly during this time, miners on the Ethereum network saw their revenue increase due to high fees.
Miners took home 450,089 ETH in fees ($168.7 million) and this represents a 39% increase over last month in which miners made roughly $113 million in fees.
During the same period, Bitcoin miner revenue from fees not only paled in comparison but actually decreased. BTC miners made $26 million in September, a 50% decrease compared to the $39 million earned in August. According to data from crypto mining pool F2Pool, it is now three times more profitable to mine Ether than it is to mine Bitcoin
The steep increase in revenue for Ether miners stems from the activity in the decentralized finance sector which peaked in September and caused transaction fee prices to skyrocket on several occasions.
DeFi is great for farmers and miners
DeFi has not only revealed a powerful use case for Ethereum, but has also created renewed demand for Ether to be used as gas to pay for transactions and smart contracts. All of these factors pushed the price of Ether forward in 2020, allowing it to outperform Bitcoin by a significant margin.
Moreover, a noticeable amount of BTC has flowed into the Ethereum blockchain in the form