• Tue. Jun 18th, 2024

From +750M Revenue in August to Less Than 70M: What Happened to ETH Miners?

Johan Poulsen

ByJohan Poulsen

Sep 6, 2022

Ethereum miners could be having a ticking clock amidst the ETH Merge countdown. Meanwhile, miners mike keeps minting ETH until the clock hits zero. However, does this domain promise future profits for miners?

End-Game Tension

PoS (proof-of-stake) validators might soon replace Ethereum miners. And the move may reduce the ETH blockchain consumption by 99%. The upcoming Merge would see the network shifting from the PoW mechanism to PoS consensus between September 10 and 20. The transition will end PoW mining on ETH. Any repercussions? Sure.

ETH miner revenue continued to witness an enormous dip during this publication. The analytics site Glassnode revealed that revenue hit a month low of $754,483.90. Meanwhile, early September ensured a havoc case for the crypto miners who enjoyed August’s success.

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ETH miners generated $756 in revenue over the past months, gaining 37% from $545 million in July.

More than $30M (of the amount) constituted transaction charges – fees paid for block transactions – with the remains as block subsidies to crypto miners (The Block Research data). Nevertheless, the metric shows monthly revenue lost about $66M following August’s stats.

Also, the daily scale revenue confirmed the bearish outlook. Besides that, miners witnessed an enormous setback. The leading ETH miner Ethermine revealed a notable announcement. It confirmed the mining pool would shift to withdrawal-only mode after the PoW mining phase ends. Fair enough, ETH miners would have to switch to another token to continue their operations.

Saying Goodbye?

Meantime, the Ethereum PoW community received backing from several exchanges, including Poloniex, which has listed two possible hardfork coins on its site. The ETH proof-of-work community extended its attempts after releasing the initial freeze contracts batch.

ETH Price Analysis

The upcoming Merge has seen Ethereum flourishing, leading the broad crypto market within impressive upticks. The alternative token changed hands at $1,664.54 during this publication. That comes as the crypto market saw upside actions within the past day.

ETH maintained its lead, gaining more than 6.20% over the past day. That had it outshining most cryptos. For instance, Bitcoin saw a mere 1.04% gain to trade at $19,986.58.

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Johan Poulsen

Johan Poulsen

Johan Poulsen is a skilled news writer known for his concise and informative reporting. With a passion for uncovering the facts, his articles provide readers with well-researched insights and a comprehensive understanding of the latest developments across various topics.

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