New data shows that Ethereum miners made a total of $1.29 billion in revenue in March. Nevertheless, this is still a long way down from the all-time high registered in November last year.
- 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. At that point, the miners operating on the second-largest blockchain network made over $2 billion in revenue, but the numbers started to freefall in the following few months.
- Almost all of 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 began burning portions 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.