Ethereum’s adjusted on-chain volume, miner revenues reached new highs in May
Data for the month of May shows that on-chain transaction volume and mining revenue figures for Ethereum hit all-time highs.
The monthly mining revenue figure hit $2.35 billion, an increase in total revenue by 42.4% compared to April. Ethereum miner transaction fees also broke past $1 billion for the first time in May, increasing 43.9% from April to reach $1.03 billion.
The revenue figure was buoyed by ETH hitting an all-time high price last month above $4,300. At press time, the price of ETH is about $2,570, per Coinbase.
The adjusted on-chain volume figure surged to a high of $666 billion, representing a 92.7% increase from April.
As noted by The Block’s Lars Hoffmann in his by-the-numbers research report, May represented the first time that the on-chain volume figure for Ethereum surpassed that of bitcoin. Bitcoin’s on-chain volume declined by 8.9% in May, falling from $446.9 billion in April to $407.3 billion.