Ethereum miners managed to rake in a total of $1.29 billion (roughly Rs. While this is still well below the all-time highs recorded in November last year, it bodes well for miners who have suffered a few months into the winter period. Nearly all $1.29 billion (about Rs 9,740 crore) came from block subsidies, while less than $100 million (about Rs 755 crore) came from transaction fees.
according to this statistics From Block, Total Monthly Revenue Ethereum Miners increased by about 7.2 percent from February to March 2022. More importantly, it marks a break in a descending trend that started all the way back in November 2021. At the time, miners working on the second largest blockchain network earned over $2. billion (about Rs 15,100 crore) in revenue, but the numbers started to decline in the following few months.
A large part of the increase in miner revenue appears to be the result of EIP-1559 which came into effect last year in August 2021 with the upgrade to London. The upgrade to EIP-1559 brought a major change in the way transaction fees were estimated. EIP-1559 split the transaction fee, with the base fee now abolished, while allowing miners to receive only suggestions.
Ethereum, for its part, is in the process of moving completely away from proof-of-work mining, as it prepares for a ‘merge’. Sometime in mid-2022, this will switch to a new proof-of-stake verification process. That said, this upgrade will not reduce transaction costs on the Ethereum chain. Decentralized Finance (DeFi), non-fungible tokens (NFTs), and others, as it is only concerned with the consensus mechanism that secures the network. The merge paves the way for future upgrades to sharding, which will be less gas fee,
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