Ethereum Miners Earned $1.29 Billion in March

Written by C, Fiona

Last updated: 2022-04-08

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After several months of income decline, Ethereum miners turned over with more than $1 billion in income in March.

New data show that Ethereum miners earned a total of $1.29 billion in March. Nevertheless, there is still a big gap compared with the record high registered in November last year.

According to the block, the total monthly income of Ethereum miners increased by about 7.2% from February to March 2022.Perhaps more importantly, this means that they have successfully broken the downward trend that began in November 2021. At that time, miners operating on the second-largest blockchain network earned more than $2 billion, but these figures began to decline freely in the next few months.

Almost all of this $1.29 billion comes from block subsidies, while less than $100 million comes from transaction fees. This is a direct consequence of EIP-1559, which came into effect with the upgrading of London last year.

As previously reported, EIP-1559 split the transaction fee, and now the basic fee has been destroyed, while allowing miners to only receive tips.
Since the hard bifurcation in London, Ethereum has begun to burn part of its native cryptocurrency. Cryptopotato recently informed that this figure soared to more than 2 billion Eth.

The watch the burn now shows that the total amount is 2063565 Eth (as of these lines), which is worth more than $7 billion at today’s prices.