As ether ETH/USD Mining is nearing its end, with miners generating over $750 million in revenue in August.
What happened: On-chain data from The block shows that Ethereum miners made $756 million in revenue over the past month — 37% more than the $545 million made by mining ETH in July.
Most of the revenue — around $729 million — came from the soon-to-be-obsolete block subsidies, or rewards, paid to miners on the network, while $25.35 million came from transaction fees.
The Ethereum merge will transition the network from a proof-of-work consensus mechanism to a proof-of-stake mechanism. The highly anticipated upgrade is expected to go live between September 10th and 20th and is expected to reduce network energy consumption by 99.5% within 12 minutes of activation.
See also: HOW TO STAKE ETHEREUM
The end of Ethereum mining has created alternative proof-of-work cryptocurrencies such as Ethereum classic ETC a appealing choice for miners who want to remain operational after The Merge.
The transition is also likely to result in a large-scale ETH staking industry. Last year analysts at JPMorgan Chase estimated that the ETH 2.0 staking industry could reach $40 billion by 2025.
Price promotion: At press time, ETH is trading at $1,570, up 1% over the past 24 hours, according to data from Gasoline Pro.
