- The bulk subsidies accounted for 99% of the $1.29 billion.
- Ethereum mining income grew by around 7.2% from February 2022 to March 2022.
Ethereum miners made $1.29 billion in March, a good month for ether’s rebound in the crypto market, according to new statistics. Even though this is still a far cry from the all-time high reached in November of last year, it is encouraging news for miners who have had a brutal winter. The bulk subsidies accounted for 99% of the $1.29 billion, while transaction fees accounted for less than $100 million.
According to The Block, total monthly Ethereum mining income grew by around 7.2 percent from February 2022 to March 2022. For the first time since November 2021, the downturn has ended. The second-largest blockchain network’s miners made almost $2 billion at the time, but that amount started to fall dramatically over the following months.
EIP-1559, which came into force with the London upgrade in August 2021, looks to be a significant factor in mining revenue growth. Introducing the EIP-1559 update, transaction fees will undergo a substantial revision. While the standard transaction cost has been eliminated, miners may now only collect tips from other users, according to EIP-1559.
Much-Anticipated ETH 2.0
While preparing for a “merger,” Ethereum is also completely abandoning proof-of-work mining on its own. By the middle of 2022, a new proof-of-stake verification method will be implemented. This ETH 2.0 update will not affect decentralized Finance (DeFi), Non-Fungible Tokens, etc., on the Ethereum chain; it will not be affected since it only affects the consensus process that protects the network. Merging is a good way to be ready for future sharding advancements that will result in decreased gas costs. According to CoinMarketCap, the Ethereum price today is $3,341.79 USD with a 24-hour trading volume of $21,284,085,983 USD. Ethereum has been down 5.15% in the last 24 hours.
