Recovery in March for Ethereum Miners, Revenue at $1.29 Billion

March was better in terms of revenue for Ethereum miners in the crypto market. Ethereum miners generated $1.29 billion in revenue last month. However, this is much lower than the all-time high revenue for these miners in November last year. Most of the revenue in March came from block subsidies, while the share of transaction fees was less than $100 million.

According to data from The Block, revenue for Ethereum miners grew by about 7.2 percent in March compared to February. This is a good sign as their revenue has been declining since November. Miners operating on this second-largest blockchain network generated more than $2 billion in revenue in November. The increase in revenue is reflected in the outcome of EIP-1559, which came into force with the London upgrade last year. EIP-1559 splits the transaction fee. Base fees have been abolished and miners are only allowed to receive tips.

Ethereum has also started the process of moving away from proof-of-work. It will soon shift to the new proof-of-work process. However, this upgrade will not reduce transaction fees for decentralized finance (DeFi), non-fungible tokens (NFTs), and others on the Ethereum chain as it is only linked to the mechanism that secures the network.

Recovery in March for Ethereum Miners, Revenue at $1.29 Billion

Dogecoin, one of the popular crypto tokens, is undergoing a major overhaul of its system and will be helped by Vitalik Buterin, co-founder of Ethereum. Dogecoin is among the latest cryptocurrencies planning to shift to a more efficient Proof of Stake (PoS) mechanism. It allows cryptocurrency holders to stake coins and create their own validator nodes. Staking occurs when a user decides to stake his or her coin to verify the transaction.

Coins are locked when the user stakes them, but these coins can be un-shakeable if the user wishes to trade them. When a block of transactions is ready to be processed, CryptoKitties’ Proof-of-Stake protocol selects a validator node to review the block. The validator checks whether the transaction in the block is correct or not. The blocks are then added to the blockchain.

Sunil Kumar writes about smartphones and laptops for Gadgets 360 Tech News based out of Mumbai. He is Deputy Editor (Reviews) at Gadgets 360 Tech News. He has written frequently about the smartphone and PC industry and has an interest in photography as well.

Sharing Is Caring:

Leave a Comment