After a long time, the down-trending Ethereum block experiences an uptrend in revenues.
New data shows that the Ethereum miners made a total of $1.29 billion in revenue in March. Though this is still nothing to compare to the one made in November last year.
According to the block data, the Total monthly revenue made by Ethereum miners increased by roughly 7.2% from February to March 2022.
Maybe, more importantly, this meant that they have managed to break a descending trend in November 2021. At that junction, the second largest blockchain operator made over $2billion in revenue, but the numbers started to come down in the following months.
Nearly all of the 1.29 billion came from the block subsidy while less than $100 million were from the transaction fees which is a direct consequence of EIP_1559, coming into effect with the London upgrade last year.
EIP_1559 split the transaction fees, with the base fees now being destroyed while allowing miners to take only a tip just as previously reported.
Right from the London hard fork, the Ethereum network began burning potion of its native cryptocurrency, CryptoPotato recently informed that this number skyrocketed to above two billion ETH. Watch The Burn now shows that the total amount is 2,063,565 ETH (as of writing these lines), worth over $7 billion at today’s prices.