What does the surge in Ethereum mining fees mean (The role of Ethereum miners)?

What does the surge in Ethereum mining fees mean? With the upgrade of the network, the mining cost of Ethereum has also skyrocketed. According to Ethereum browser data, the average block size of Ethereum is currently 21.9GB. And the gas fees generated per hour are three times that of mainstream cryptocurrencies such as Bitcoin and Litecoin, so a certain fee must be paid for transactions on the Ethereum blockchain. As mining companies have started charging fees, many Ethereum investors are looking for new sources of income. However, due to the continuous increase in Ethereum prices, miner fees are also increasing, making it increasingly difficult for miners to make money. Why did miner wages skyrocket? Because Ethereum prices have not shown any signs of improvement since the bull market on December 10, 2017, and many even predict that Ethereum prices will continue to fall.

The role of Ethereum miners

According to ambcrypto news, it was mentioned at a recent Ethereum miner conference that Ethereum block rewards and mining profits are both meant to incentivize the development of the Ethereum community. This has resulted in a decrease of over 95% in the number of nodes in the network (accounting for 65% of the entire blockchain transaction volume), and this portion of income is obtained by paying the participants.

According to data from the ETH browser, as of the time of writing, the total market value of Ethereum is about $400 million, with the majority coming from Bitcoin and Litecoin. Due to the high volatility of these crypto assets and their impact during price declines, miners must take up the responsibility of maintaining network security, economic models, and network stability.