Ethereum Miners Recorded $1.29B In Revenue In March Alone: Analysis

Ethereum Miners recorded $1.29 billion in revenue in March alone and after a few months of declining revenues, they are turning the tables so let’s read more in today’s latest Ethereum news.

The new data shows that Ethereum miners recorded $1.29 billion in revenue in March but this is still a long way down from the ATH registered in November. According to the data from The Block, the total monthly revenue made by the ETH  miners increased by 7.2% from February to March this year. Maybe most importantly,y this meant that they managed to break the dropping trend that started back in 2021. at that point, the miners that operated on the blockchain network made over $2 billion but the numbers started falling in the next few months.

Almost all of the $1.29 billion came from a block subsidy while less than $100 million came from transaction fees that are a direct consequence of EIP-1559 that came into effect with the London upgrade a year ago. The EIP-1559 split the transaction fees with the base fee now being destroyed allowing the miners to receive tips alone. Since the London Hard fork, the ETH network started burning portions of the native crypto and this number surged to above 2 billion ETH. The data from Watch the burn shows that the total amount is 2,063,565 ETH worth over $7 billion.

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Cryptocurrency Market Overview. Source Quantify Crypto

Also, Ethereum trimmed its gains of the $3450 resistance against the dollar but the price has to stay above $3200 to start a new upward move. Ethereum started a new decline from the $3480 and the $3450 resistance levels. The price is trading below $3300 and the 100 hourly simple moving average but there was also a break below the bullish trend line with support near $3300 on the hourly chart of the pair which can start a new increase if it manages to stay above $3200.

Ethereum failed to gain bullish momentum above the $3450 resistance zone and ETH formed a new high near $3446 with the price starting a new decline. The move below the support zone could bring a break below the trend line and $3300 but the ETH price is now trading below $3300 and the 100 hourly simple moving average. ETH moved below the $3250 level and formed a new low near $3215 but the price is now consolidating the gains above $3200.

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Author: Stefan