According to cryptocurrency analytics platform CryptoQuant, Ethereum transaction fees have been consistently flat. More expensive Compared to those of Bitcoin over the past few months.

The chart shared by CryptoQuant CEO, Ki Young Joo, shows that Bitcoin media fees (orange bars) have always remained in the $0.50-$3.00 range. Meanwhile, Ethereum fees (gray bars) tend to stay between $3 and $6.

Both the Bitcoin and Ethereum networks started the year with relatively low fees of less than $3.

On Thursday, a total of 400 bitcoins (about $39 million) were mined within 128 blocks. The miners received a fee of only $731,000.

For comparison, Ethereum users paid a total of $3.2 million in fees yesterday. Network fees Experienced Down 41% over the past 30 days.

Profit pressure

Last year, the Bitcoin network experienced a halving event, with the block reward reduced to just 3,125 BTC.

There have been some concerns about whether or not some miners will be able to continue working due to lower profits.

In April, Bitcoin fees rose to $128 per transaction due to the popularity of runes. However, this rise provided miners with only short-term relief. The fees ended up falling by more than 90% by early May.

Earlier this month, the Financial Times reported that US-based bitcoin companies had begun accumulating Bitcoin to mitigate the impact of tightening margins. Despite the fact that the price of Bitcoin has risen significantly, Bitcoin miners are still struggling with profitability. The industry has now spent nearly $2 billion over the past two months on Bitcoin purchases.