Binance shells out $10 million in Ethereum gas fees last week

Binance shells out $10 million in Ethereum gas fees last week

Gas fees emanating from transactions on Binance are a testament to how much the Ethereum blockchain needs to scale. Over the last seven days, the world’s-largest cryptocurrency exchange paid nearly $10 million in gas fees.

Amid Ethereum’s positive price rally, transaction costs on the network have hit new highs. BTC PEERS reported that on February 5, Ethereum miners earned a record-high of $3.74 million in a single hour. Total miner revenue exceeded $55 million on the same day, breaking yet another record.

For some context, as more traders and investors turn to Ethereum and perform transactions on the blockchain, the blocks of transactions that need verification begin to pile up. This results in a longer list of unconfirmed transactions and higher network fees.

According to an Ethereum-focused analytics firm Nansen, Binance paid nearly 5,000 ETH in gas fees over the past week.

Binance is not the only one feeling the heat. Several retail traders have complained about rising gas fees and how it makes Ethereum almost unusable. As of press time, the average Ethereum transaction fee sat at $22.55.

Meanwhile, Binance is topping the list for the most gas fees paid. The platform accounted for 4.24% of all gas fees spent by crypto exchanges in the last seven days. Huobi comes second with just 1.066 ETH.

ETH 2.0 has been touted as the solution to Ethereum’s scalability issues.

Read more

7th Reason For National Bitcoin Reserve: Peer-to-Peer Transactions Slash Banking Intermediary Fees

7th Reason For National Bitcoin Reserve: Peer-to-Peer Transactions Slash Banking Intermediary Fees

Nations adopting Bitcoin as part of their reserves can reduce transaction costs by 2-4% compared to traditional banking systems, based on current international payment data. This cost reduction comes from bypassing multiple financial intermediaries typically involved in cross-border transfers, including correspondent banks, clearing houses, and payment processors. 🧡This article is

By Albert Morgan
6th Reason For National Bitcoin Reserve: Integrating Bitcoin Spurs Digital Transformation in Logistics and Supply Chains

6th Reason For National Bitcoin Reserve: Integrating Bitcoin Spurs Digital Transformation in Logistics and Supply Chains

Countries that add Bitcoin to their national reserves gain an advantage in modernizing their logistics and supply chain operations through blockchain technology adoption. The underlying infrastructure and technical expertise required for Bitcoin integration naturally extends to tracking goods, managing inventory, and processing cross-border payments - core functions that determine economic

By Albert Morgan