After many months of decreasing revenues, Ethereum miners turned the table with over $1 billion in March.
The latest data shows that Ethereum miners made a total of $1.29 billion in revenue in March. Nevertheless, this is yet a long way down from the all-time high registration in November last year.
The data from The Block shows that the total monthly revenue made by Ethereum miners increased by around 7.2% from February to March 2022.
More importantly, this means that they have managed to break a decreasing trend that started in November 2021. At that point, the miners operating on the second-largest blockchain network made over $32 billion in revenue, but the numbers started to decline in the following few months.
Nearly all of the $1.29 billion came from block subsidy, while less than $100 million were from transaction fees, which is a direct consequence of EIP-1559, coming into effect with the London upgrade last year.
As reported earlier, EIP-1559 split the transaction fees, with the base fees now being destroyed while allowing miners to receive only tips.
Since the London hard fork, the Ethereum network started burning portions of its native cryptocurrency. It is also reported that this number skyrocketed to more than $2 billion ETH.
Watch the Burn now reveals that the total amount is 2,063,565 ETH (as of writing these lines), worth more than $7 billion at today’s prices.