Ether mining revenue and transaction volume soared to record highs in May, report says

• Ethereum on-chain transaction volume and mining revenues reached record highs during the month of May, The Block data showed.
• Ether mining brought in $2.35 billion in total revenue, an increase of 42.4% from April.
• Revenue soared amid a record run-up in the world's second largest cryptocurrency.

Ethereum on-chain transaction volume and mining revenues reached record highs during the month of May, The Block data showed.

Ether mining brought in $2.35 billion in total revenue, an increase of 42.4% from the previous month. Meanwhile, Ethereum miner transaction fees increased 43.9% to reach $1.03 billion. Mining revenue consists of transaction fees, or costs associated with transacting on ethereum, and block subsidy payouts to miners.

Miners who successfully create a block are rewarded in 2 freshly minted ether and all the transaction fees within the block. A miner may also get 1.75 ether for an "uncle block," which is a valid block created simultaneously to the successful block, by another miner.

Revenue soared amid a record run-up in the world's second largest cryptocurrency. Ether hit an all-time high above $4,300 on May 12. The token has pulled back 41% since then and now trades around $2,500.

Amid the recent pullback, transaction fees have fallen. According to data from YCharts, transaction fees have plummeted 93% in less than two weeks.