Ethereum mining revenue set for record-breaking month despite price declines
May 23, 2021, 12:17PM EDT
1 min read
The price of ether, the native cryptocurrency of Ethereum, is significantly down from its all-time high this month, but May is still set to represent a record-breaking month for ETH miners.
Data collected by The Block Research shows that as of May 23, ETH miners have hauled in some $1.93 billion in revenue. Of that figure, $922.46 million came in the form of transaction fees, or costs associated with transacting on Ethereum. Subsidy payments to miners made up the remaining $1.01 billion.
As one week remains of May, the overall revenue figure is expected to move higher. Miners make profits when the revenue from their mining exceeds the cost of electricity and other expenditures in the mining process.
Ether's price has fallen sharply since trading at an all-time high above $4,300 on May 12. The cryptocurrency is currently trading hands at roughly $1,820, according to Coinbase data, representing a 24-hour decline of more than 20 percent.
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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.