Ethereum Miners Made $756 Million in August Ahead of ‘The Merge’
The new protocol upgrade ‘The Merge’ from Ethereum is soon to be launched on Sept 15th, 2022. Megre will help the ethereum blockchain to shift from Proof-of-Work to Proof-of-Stake. However, even before the launch, Ethereum and the miners have started to climb up the ladder from August. The Ethereum miners have witnessed huge revenue generation. The miners generated $756 Million in revenue in August. The miners worked rigorously in August before the network shifts to proof-of-stake. Miners in July generated 545 Million USD revenue which was 37% lower than they generated in August. Undoubtedly, the Ethereum mining industry has gained a decent rise in the last month. Out of 756 Million USD only 30 Million USD constituted in the transaction fees. ETH paid for transactions to be included in the blocks – with the rest as block subsidizes to miners. August was the last full month of Ethereum mining. Between the dates Sept 10, 2022 and 20, 2022 the blockchain will welcome the new protocol upgrade, The Merge. The mechanism will shift from the Proof-of-Work to Proof-of-Stake for a block creation system. Shifting from Proof-of-Work to Proof-of-Stake Amid the mechanism upgrade the PoW mechanism will not be active anymore. Analysts in the industry have speculated that