Ethereum Miners Made $87.66M in One Hour During Yuga Lab’s Land Mint on the Otherside Metaverse

Ethereum

Summary:

  • Ethereum miners made $87.664 million in a single hour during the Otherside Metaverse NFT mint, a possible all-time high
  • During the same time period, Ethereum users paid a median fee of $4,830 per transaction
  • Almost 64k Ethereum ($176.66 million) in transaction fees was used during the Otherside Metaverse mint of 55k Otherdeed NFTs
  • Ethereum continues to trade below $2,800 despite the exciting NFT mint

Ethereum (ETH) miners made $87,664,337 in a single hour during yesterday’s Otherdeed NFT mint of the Bored Ape Yacht Club Metaverse known as Otherside.

This amount in miner fee was identified by the Co-founder and CTO of Glassnode, Rafael Shultze-Kraft, who also pointed out that it was an all-time high for the network. Furthermore, users of the Ethereum network paid a median fee of $4,830 during the same time. Mr. Shultze-Kraft shared his observations through the following two charts.

Ethereum Miners Made $87.66M in One Hour During Yuga Lab's Land Mint on the Otherside Metaverse 15
Ethereum miners earn an all-time high of $87.664 million in one hour.
Ethereum Miners Made $87.66M in One Hour During Yuga Lab's Land Mint on the Otherside Metaverse 16
Ethereum users paid a median fee of $4,831 in one hour.

64k ETH Consumed in Ethereum during the Otherdeed NFT Mint

The record-breaking earnings by Ethereum miners and the median transaction cost during the Otherside Metaverse NFT mint come as no surprise as the event congested the network leading Yuga Labs to suggest that Apecoin might need its own chain. Furthermore, participants of yesterday’s mint paid almost 64k ETH in transaction fees: $176.66 million.

Ethereum Miners Made $87.66M in One Hour During Yuga Lab's Land Mint on the Otherside Metaverse 17

Almost 64k Ethereum was spent in transaction fees during the Otherside mint. Source, Etherscan.io

Ethereum Continues to Struggle Below $2,800

Concerning price, the Otherside NFT mint and the network congestion were not enough to provide the bullish environment needed for Ethereum to wiggle out of the ongoing crypto-wide pullback. The digital asset is in a clear downtrend as it is trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages.

Ethereum Miners Made $87.66M in One Hour During Yuga Lab's Land Mint on the Otherside Metaverse 18
ETH/USDT daily chart. Source, Tradingview.com

However, Ethereum’s daily MFI and RSI provide some hope as they exhibit signs of strength at current levels of 33 and 38, respectively. The histograms of the daily MACD point towards the possibility of renewed buying of ETH by the bulls that could push Ethereum back above $2,800.

If Ethereum fails to regain the crucial $2,800 level during tonight’s weekly close, the number two digital asset could find some support at $2,445, $2,300, or $2,159. Such an event will most likely be catalyzed by Bitcoin losing the $38k to $37k support zone later today.

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