As Ethereum ETH/USD mining nears its end, miners made over $750 million in revenue in the month of August.
What Happened: On-chain data from The Block shows that Ethereum miners made $756 million in revenue last month – up 37% from the $545 million worth of revenue made from mining ETH in July.
The bulk of revenue – around $729 million – came from the soon-to-be obsolete block subsidies or rewards paid to miners on the network, while $25.35 million came from transaction fees.
The Ethereum Merge will transition the network from a Proof-of-Work consensus mechanism to a Proof-of-Stake one. The highly anticipated upgrade is expected to go live between Sept. 10 and Sept. 20 and is estimated to bring a 99.5% reduction in the network’s energy consumption within 12 minutes of being activated.
See Also: HOW TO STAKE ETHEREUM
The end of Ethereum mining has made alternative Proof-of-Work cryptocurrencies like Ethereum Classic ETC an appealing choice for miners looking to remain operational after The Merge.
The transition will also likely give rise to a large scale ETH staking industry. Last year, analysts at JPMorgan Chase estimated that the ETH 2.0 staking industry could reach $40 billion by the year 2025.
Price Action: At press time, ETH was trading at $1,570, up 1% over the last 24 hours, as per data from Benzinga Pro.