New data shows that Ethereum miners earned a total $1. 29 billion in revenue in March. This is still a significant drop from November’s record of $17 billion.

  • According to data from The Block, the total monthly revenue made by Ethereum miners increased by around 7.2% from February to March 2022.
  • Perhaps more importantly, this meant that they have managed to break a descending trend that started in November 2021. The miners on the second largest blockchain network had already made more than $2 billion in revenue. However, numbers began to fall in the months that followed.
  • Nearly all the $1. 29 billion came from block subsidy, while less than $100 million were from transaction fees, which is a direct consequence of EIP-1559, coming into effect with the London upgrade last year.
  • As previously reported, EIP-1559 split the transaction fees, with the base fees now being destroyed while allowing miners to receive only tips.
  • Ever since the London hard fork the Ethereum network has been burning parts of its native cryptocurrency. CryptoPotato recently informed that this number skyrocketed to above two billion ETH.
  • Watch The Burn now shows that the total amount is 2,063,565 ETH (as of writing these lines), worth over $7 billion at today’s prices.
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