- Ethereum mining revenue skyrocketed in August
- ETH has crossed the $2,000 mark since May
- Mining revenue was around $730 million for the month
Ethereum mining revenue hit a three-month high due to increased interest in mining offsets in August. It was the last full month of ETH mining before “The Merge”.
Ethereum mining has reliably provided monthly revenue to mining organizations such as Marathon Digital Holdings, BitDigital, Bitfarms, Riot Blockchain Inc., Hut 8 Mining Corp, and Argo Blockchain.
The declaration of the progression towards a proof-of-stake (PoS) network was first made on December 1, 2020. The change was finally expected in the current month, causing a popular expansion for ETH mining prices as ‘they will be discarded and superseded by storylines after the actual consumption of The Merge.
Subsequently, Ethereum mining revenue increased to around $734 million in August from $621 million in July, according to The Block in light of information from Coin Metrics. This was an 18% increase in revenue in 31 days.
Ethereum diggers have experienced a negative market
After the algorithmic stablecoin TerraUSD (UST) crashed in the second seven-day period of May, Ethereum mining revenue had a chance to cross $1 billion despite its cost falling critically during the month.
This moved to June, when less than $600 million was created from the ability to contribute to trade approvals on Ethereum’s proof-of-work (PoW) organization.
Throughout June, ETH traded the range from $896 to $1,965. In July, the smart resource behind the Ethereum biological system traded between $1,019 and $1,774.
Since mining revenue is determined by the amount of ETH mined duplicated by the cost of the coin in a given period, there has been a significant drop in revenue.
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ETH Price at Editor – $1,548.67
The two-step process for executing the merger was declared by the Ethereum Foundation on August 24. The first stage includes an organization overhaul called Bellatrix on the Tuning Layer which is scheduled for 11:34:47 UTC on September 6th.
The next stage, named Paris, is the part of the execution layer change and should be triggered somewhere between September 10 and September 20.
The shift to a PoS organization will see Ethereum join other blockchains like Cardano that are trying to strike the ideal balance between the blockchain trilemma of security, decentralization, and versatility.