Altcoin News: Ethereum Takes the Lead in the Amount of Commissions Collected

September 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

For the first time in history, the amount of commissions collected on the Ethereum network over a 24-hour period exceeded the Bitcoin indicator, Trustnodes draws attention.

According to the Messari portal, Ethereum miners raised $207,000 from user fees and Bitcoin miners $180,000. The median commission was $0.16 and $0.20, respectively.

Image credit: Trustnodes

As you can see in the image above, other networks are many times inferior to the leaders. $915 commissions were paid on the Litecoin blockchain, and $156 on Bitcoin Cash. Their resources are not in great demand by users, while Bitcoin and Ethereum are close to the limit, processing on average 1 MB for 10 minutes each.

Ethereum is trying to increase its manufacturing capabilities by 25% by voting miners. One of the largest miners, Ethermine, says that it focuses on 10 million units of gas, while now the value is 8.7 million compared to the recent 8 million.

The limit is increasing slowly partially because some miners, for example, F2Pool, periodically vote for increase then decrease.

“They are most likely using Parity with default settings,” said an Ethermine spokesman. — “Parity targets a gas limit of 8M by default but will start to vote it up to 10M in case of blocks getting full.”

Etherminers themselves admit that they used to use standard settings too until they were pressed by the public. Thus, smaller miners can use the same settings without worrying about changing them.

Along with the computing capabilities of the network, commissions are also growing. According to EthGasStation, the cost of an ordinary ETH transaction is now around $0.14. Token-based transactions cost twice as much, and interaction with a smart contract can cost $1–2 depending on the type.

The main culprit, however, is not Tether, which actively transfers its USDT tokens from the Bitcoin blockchain to the Ethereum blockchain, but a kind of gambling application.

Image credit: EthGasStation

The upcoming hard fork Istanbul brings with it certain improvements in the calculation of gas and the necessary space per gas unit and will contribute to a further increase in the limit. The Ethereum test network is expected to be activated in October.

Author: Marko Vidrih