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Over $750 Million Was Made in August by Ethereum Miners Ahead of Merge

In August, Ethereum miners made about $756 million in revenues. This was the last month of full mining activity before the proof-of work phase is...
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In August, Ethereum miners made about $756 million in revenues. This was the last month of full mining activity before the proof-of work phase is replaced by proof-of stake later in the month.
Ethereum miners earned $756 million in August revenue, 37% more than July’s $545 million revenue.

According to data gathered by The Block Research, just over $30 million was transaction fees. This is ETH paying for transactions to be added to the blocks. The rest were block subsidies to miners.

August was the final month of Ethereum mining. Between September 10 and 20, the blockchain as part of The Merge will change from a proof–of-work (PoW), mechanism for block creation, to a proof–of-stake system.

PoW Mining will come to an end  

After that, PoW mining on Ethereum will cease. Many in the industry speculate that PoW forks for Ethereum could emerge after Merge. This would provide a new source for income for miners. It is not known if those forks will succeed.

Proof-of-work allows miners to generate hashes, in a competition to match the hash for the current target block. Ethereum’s proof of stake system, however, involves a variety of validators who commit their funds.

As shown in the chart below, August’s revenue numbers were likely buoyed in part by ETH’s price growth relative to its performance in June/ July.

Daily ETH mining revenue rose in August compared with June and July.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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