In March Ethereum miners earned a total of $1.29 billion in revenue
ETH Miners Reach $1.29 Billion In Revenues
In March, ETH miners earned a total of $1.29 billion in revenue.
Revenues increased by 7.2 percent month over month. They had been on a downward trend since November 2021, when their revenue totaled $2.07 billion.
In March, Ethereum miners earned approximately 1.08 times more than Bitcoin miners.
The majority of these revenues ($1.21 billion) came from the block subsidy, with only a small portion coming from transaction fees ($78.27 million) and uncle rewards ($58.23 million). Transaction fees have fallen to 5.9 percent of total revenue.
Total revenue was $2.07 billion in November 2021 and has since declined. They will reach an all-time high of $2.4 billion in May 2021.
About Ethereum Mining
Ethereum mining over the course of 2020 and early 2021, made increasing amounts of money, with profits nearly doubling in a single month.
A computer attempts to solve complex logic puzzles in order to verify transactions in the blockchain during cryptocurrency mining.
The miner receives cryptocurrency as a block reward once this process is completed. The underlying current is that machines with higher computing power – or hashrate – are more likely to solve more puzzles and thus mine more cryptocurrencies.
The ability of a miner to profit from this is determined by a variety of costs, including the amount of electricity consumed during the process, transaction fees, and whether or not the hardware used is efficient.
