Despite Bitcoin fee increase of 198%, Ethereum is ahead in fee income

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Bitcoin transaction fees have seen a massive spike, with the average fee in double digits

According to the crypto aggregator platform Glassnode, transaction fees account for 22.25% of Bitcoin miners' income , while the rest of 77.75% is made up of block rewards.

This current share of fee income is the highest ever since the previous all-time high plateau in late 2017 and early 2018. Fee income rose to almost 45% during this period.

Glassnode shared this observation on Twitter yesterday in a post that read: “The percentage of #Bitcoin Miner revenue from fees rose to 22.25% in the last hour (24 hour MA). It is the highest observed value since January 2018. "

While this increase in the share of mining revenue in fees on the Bitcoin platform is significant, Bitcoin miners still earn less in fees compared to Ethereum miners. This means that Ethereum is still ahead of the curve in terms of fees collected and is more profitable than Bitcoin.

Ethereum had taken the higher place (compared to Bitcoin) in fees generated for over two months. This was the longest streak that Ethereum has ever posted. The record was attributed to the widespread adoption and use of stablecoins and the exponential growth of the decentralized financial sector, which is largely based on the Ethereum network.

The cryptanalysis firm Messari points out that Ethereum first overtook Bitcoin on June 6th. Ethereum's fee income remained higher than Bitcoin's for over 4 months through October 22, with a brief exception between late July and early August.

Bitcoin temporarily took the better place last week, but was again dethroned by Ethereum on October 25th. Ethereum's fees have remained higher since then. There are still several discussions about the proposal for the fee reform EIP-1559, with which the fees in the network should be reduced. Miners are still against the proposal, although the majority of Ethereum users welcome the switch.