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In August, Ethereum miners made about $756 million in revenues. This was the last month of full mining activity before the proof-of work phase is replaced by proof-of stake later in the month.
Ethereum miners earned $756 million in August revenue, 37% more than July’s $545 million revenue.

According to data gathered by The Block Research, just over $30 million was transaction fees. This is ETH paying for transactions to be added to the blocks. The rest were block subsidies to miners.

August was the final month of Ethereum mining. Between September 10 and 20, the blockchain as part of The Merge will change from a proof–of-work (PoW), mechanism for block creation, to a proof–of-stake system.

PoW Mining will come to an end  

After that, PoW mining on Ethereum will cease. Many in the industry speculate that PoW forks for Ethereum could emerge after Merge. This would provide a new source for income for miners. It is not known if those forks will succeed.

Proof-of-work allows miners to generate hashes, in a competition to match the hash for the current target block. Ethereum’s proof of stake system, however, involves a variety of validators who commit their funds.

As shown in the chart below, August’s revenue numbers were likely buoyed in part by ETH’s price growth relative to its performance in June/ July.

Daily ETH mining revenue rose in August compared with June and July.

The post Over $750 Million Was Made in August by Ethereum Miners Ahead of Merge first appeared on The Daily Encrypt.


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Angie Byrd