The sum of $756 million that miners on Ethereum have collected while preparing to mine the blockchain has been made by them. The Merge These will be held later in the month.
According to a report According to The Block Research miners experienced a significant increase in August for ETH coins as compared with June and July.
The Merge of Ethereum Blockchain, scheduled for September 15, will see the digital asset upgraded from the Proof-of-Work network to the Proof-of-Stake network.
The ETH coin was created on the PoW platform. It exhausts energy quickly and is difficult to manage. However, the PoS is relatively less expensive to manage and reduces energy exhaustion to the minimum.
Some exchanges such as Binance and Xinhua are being used to prepare for The Merge. Coinbase They will stop, they said. They allow withdrawals and deposits of Ethereum through their platform. This is cited as a way to help a smooth transition into the Proof-of-Work network (PoW).
According to the analysis, Ethereum miners made a 37% jump in August over July’s. They made $545 million in July, which is a difference of $211 millions.
Per data collated by The Block Research, about $30 million of the revenue was from processed transaction fees, the rest was used “as block subsidies to miners”.
According to the report, the August revenue was remarkably affected by the Ethereum price. The July drop in ETH prices to $1,040 was a sign of the decline in the price. However, August saw a rebound and ETH sold at $1980. This is what explained the revenue generated for the month.
In June and July, the daily Ethereum mining revenue averaged $15 million with a peak of $23 million. The daily ETH mining revenue reached $27.5 million in August.
There are possibilities that a new digital asset could emerge after completion of The Merge. The asset could or might not be patronized by crypto-users.