Ethereum Miners Got 60% of Income, Outrunning Ether’s Price
Within a month, Ethereum miners have boosted their daily income by 60%. This is according to data tracked by Etherem mining pool Sparkpool.
Also, the surge in daily profit from Ethereum has outperformed ether’s (ETH) price jump of 40% during the same period. The profitability increase arrived due to soaring transaction fees on the network. It also benefited from relatively weak growth in the competition from other miners.
In the Sparkpool data, Ethereum miners’ daily income was about $1.85 per 100 megahashes second (MH/s) on the network on June 27. During the past month, and the past two weeks to be exact, this has surged by 60%. It hit as high as $3.27 on July 25. Since then, the metric went back to around $3.
Over the same time, ether’s price has climbed by almost 40% – from $229 on June 27 to $327 recently. This is the highest price point it has reached in over a year.
The transaction fees on the network form part of a miners’ daily revenue has hit a two-year high as the hype around decentralized finance (DeFi) brought a spike in network activities.
But the total computing power on the world’s second-largest blockchain network by market capitalization has stayed as steady as it was around 190 petahashes per second, as shown by blockchain explorer Etherscan.
Augur Deploying V2 Upgrade
Elsewhere, Augur (REP), a decentralized predictive betting market platform, has revealed the successful deployment of its V2 upgrade.
The upgrade aims to address bugs and vulnerabilities identified with the exiting platform and its rules around betting markets. This is to introduce support for the Dai stablecoin and other famous DeFi protocols and to institute an affiliate program.
Augur announced on July 29 that its v2 protocol contracts have been deployed on the Ethereum Mainnet and verified on Etherscan. It noted that exchanges, wallet providers, block explorers, and more services would be updating to the REPv2 contract addresses over the upcoming days.
Keeping up with DeFi
Augur’s v2 upgrade is now arriving five years after the project’s launch in 2015. As the first incarnation of Augur became widely seen as a proof-of-concept model, the new version has adapted to developments mounting from the decentralized finance (DeFi) ecosystem and supports MakerDAO’s (MKR) Dai stablecoin, 0x’s (ZRX) Mesh network, the Interplanetary File system (IPFS), and Uniswap’s v2 oracle network.
Moreover, the update will include ‘invalid’ as a predictable outcome for events. This is because the team wants to avoid opportunistic users gaming the protocol’s previous resolution system surrounding invalidated markets.
Also, the team is pushing users to allow the operators of Augur-native services that have not yet updated to know about the overhaul.
Migration is Optional
Meanwhile, the update needs REP holders to manually migrate their tokens to the new REPv2 through the Augur client to join the protocol’s reporting system. Then, Augur is keeping a close eye on custodial exchanges regarding the platform’s different plans for token migration.
But still, the announcement highlighted that there is no urgent requirement to migrate rEP to the new REPv2.
Augur stated, “The only time in which migration from REP to REPc2 would become a necessity is if an Augur v2 market entered into the forking process.”
Even with the upgrade, REP will stay transferable forever as the team has no administrative control over the token. But the old token will not offer any functional use within Augur v2 unless migrated.
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