Ethereum miners generated $756 million in revenue in August ahead of the upcoming Merge.
Miners earned $545 million in revenue in July. This marks a 37% increase in earnings within a month.
Ethereum Miners Earn $756 Million Income
According to data from The Block Research, Ethereum miners earned $756 million in revenue in August. This represents a 37% increase compared to July.
About $30 million of revenues came from transaction fees.
August was the last full month of Ethereum mining. After Merge September 10-20, the network will switch from proof of work to proof of stake. After that, PoW mining on Ethereum will no longer be possible. Some names in the industry think that PoW forks of Ethereum may appear, thus becoming a new source of income for miners. It remains unclear whether these forks will be successful.
With proof of work, Ethereum miners generate hashes in a competitive effort to match the hash of the current target block. However, proof of stake includes a set of validators that commit funds.
As can be seen in the chart, mining revenues increased with the asset’s performance in June and July.
In August, daily ETH mining revenue figures also increased compared to June and July.
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