In total, the miners’ revenue amounted to $756 million

Ethereum mining revenue rose by 37% in August

03.09.2022 - 10:35

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2 min

What’s new? Ethereum miners generated $756 million in revenue in August, which is 37% more than in July ($545 million). Just over $30 million of that amount was transaction fees and $726 million was rewards per mined block. This is reported by The Block Research.

Source: Theblock.co

What changes will come after the upgrade? August was the last month of Ethereum mining. Between September 10 and September 20, as part of The Merge upgrade, the blockchain will switch from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS), after which PoW mining on Ethereum will no longer be possible. Some in the industry speculate that PoW forks of Ethereum may emerge after the merger, providing miners with a new source of income.

What is known about the Ethereum upgrade? Due to the algorithm change from Proof of Work (PoW) to Proof of Stake (PoS), the way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on PoW. In August, the developers published a document refuting misconceptions related to the upcoming upgrade.

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