Ethereum mining revenue set for record-breaking month despite price declines

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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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The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
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Aug 11, 2021, 5:18PM UTC
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