- Ethereum miners are spamming the Blockchain with small transactions
- High mining pool activity has caused a rise in transaction volumes
- The network has handled 1 million transactions in a single day
Ethereum News Today – The Ethereum network is experiencing a rise in transaction volumes. This rise in transaction volume was triggered by the excessive mining pool activity on the network. Ether mining pools have been sending a large number of small transactions. This has caused the network to tackle a million transactions in a single day.
The mining pools might be doing so in a bid to harvest their mining rewards from these same transactions that they send. The congestion reported on the network today is not related to the past performance issues that Ethereum experienced. Miners are spamming Ethereum’s capacity with small transactions.
Ethereum Handled 1 Million Transactions in One Day
The spam campaign has taken Ethereum’s daily transaction activity above 1 million transactions daily which is a high that has not been seen since 2018. Some pools are responsible for these transactions partially. Ethermine made about 13,000 transactions in just 24-hours. Meanwhile, Nanopool and Sparkpool acted similarly. As of June 24, the average transaction fee on Ethereum is $0.75.
Miners or mining pools are sending transactions to obtain their rewards that come from mining activity. This attitude is backed by the fact that a few transactions are as little as 0.001 ETH. This suggests that the actual value is contained in transaction fees. There is a chance that the high number of the transaction is as a result of low payout thresholds on the network. Meaning, mining pools may have been paying small miners rewards. In any case, there is no doubt that today’s excessive transaction volume was caused by the network’s high activity in the last two months.
The Ethereum Network Continues to Be Congested
Before now, congestion was an issue for the Ethereum network for a different reason. At the time it was triggered by high-volume smart contracts. But since March this year, the network’s capacity has been impacted by big projects like Tether. Scams like the PlusToken and MMM Token too have impacted the network. Incidentally, some of the current mining-related spam has made those contracts cut down their activity.
The PlusToken has not been able to move its funds because of the ongoing hike in transaction volumes on Ethereum. Congestion has reportedly been an issue for the Ether Blockchain in past. CryptoKitties once clogged the Ethereum in 2017. The iFish token also overburdened the network back in 2018. As of June 26, there have been some proposals to solve Ethereum’s congestion issues in the works. They include gas fee tweaks, EIP-1559, staking, meta transactions, and sharding.