Bitcoin Fails to Overthrow Ethereum as the Most Profitable Coin Despite Its Price Spike

News • 2020/11/01 • by

Bitcoin fee experienced a 198% spike but still couldn’t beat Ethereum on the list of the more profitable cryptocurrency.

In the last three days, we have seen a massive jump in fee for Bitcoin transactions the current Bitcoin fee, making it more profitable for bitcoin miners.

Major Updates:

Bitcoin fees recently spiked into double figures for the first time since January 2018.
Bitcoin miners make their money from both the transaction fees and block reward.
77.25% of the total fee comes from the latter, while the remaining percentage comes from the former.
The real increase in the Bitcoin fee happened on the 22nd of October but still trailing behind ETH.
Despite the spike and increase, Ethereum miners are still making more on fees than Bitcoin miners.

Bitcoin just became a more dominant cryptocurrency when it came to fees last week. But ethereum still has more fees (1.74 million dollars) than Bitcoin(1.54 million dollars) thanks to the rising DeFi space and the increased use of stablecoins.

Do you think Bitcoin can beat Ethereum? Share your opinion.

Source: Cointelegraph.

Comments (4)

kenny88998899

godgrace1

6 years ago

In this markets that we trading on, what everyone is waiting for is the next big thing that will earn them thousands, and from my point of view it's Ethereum. That's why people are trading more on it now, and the bitcoin price right now is very high, people enjoy to buy low and sell high, so they are patiently waiting for bitcoin price to fall down before buying in.

visiblemoney

6 years ago

In terms of fee escalations, BTC might not beat Ethereum because in the first place high fee would not justify the reason for the use of bitcoin for transaction as we have seen redundancies on the Ether's network which is even working hard to implement it Ethereum 2.0 first phase to correct it excesses in order to gain vast interest for retail payment again. Competition in fees would not be a good yardsticks to measure the efficiency of a digital currency because if the fees are too high...users will find alternative and what is the percentage contributions of miners in crypto adoption compared to the users's development?