Ethereum Mining Revenue Soars To 3-Month High

Ethereum mining revenue surged to a three-month high as interest in mining rewards in August increased. This is the last month of ETH mining before The Merge.

Ethereum mining has consistently brought miners like Marathon Digital Holdings, BitDigital, Bitfarms, Riot Blockchain Inc., Hut 8 Mining Corp, and Argo Blockchain in monthly revenue.

The transition to the Proof-of-Stake (PoS) network was announced on December 1, 2020. The final transition was scheduled for this month, prompting demand for the hardware. ETH mining rewards increase as they will be removed and replaced with staking benefits upon completing The Merge.

As a result, Ethereum mining revenue grew to around $734 million in August from $621 million in July, according to The Block. This is an 18% revenue increase in 31 days.

After the algorithmic stablecoin TerraUSD (UST) collapsed in the second week of May, Ethereum mining revenue surpassed $1 billion despite its price dropping significantly during the month.

This lasted until June, when less than $600 million was generated from contributing power to validating transactions on Ethereum’s Proof-of-Work (PoW) network.

Throughout June, ETH traded in a range of $896 to $1,965. In July, ETH traded between $1,019 and $1,774. At the time of writing, ETH is trading at $1568.

Because mining revenue is calculated as the amount of ETH mined multiplied by the price of the coin at a given time, there has been a significant drop in revenue.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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