After several months of dwindling profits, Ethereum miners turned the tables in March, bringing in over $1 billion.

According to new figures, Ethereum miners made $1.29 billion in income in March. Nonetheless, this is a significant drop from the all-time high set in November of last year. According to The Block, Ethereum miners’ overall monthly earnings climbed by 7.2 percent from February to March 2022.

Get hype with the top 10 protocols with the highest revenue last month. 🔥

🥇 @ethereum
🥈 @opensea
🥉 @LooksRareNFT

#news #cryptonews #blockchain #Ethereum #crypto pic.twitter.com/4MGTDxV9zJ

— Ethereum Nation (@Ethereum_Nation) April 5, 2022

Perhaps more importantly, this meant that they had broken a downward trend that began in November 2021. Miners on the second-largest blockchain network had produced over $2 billion in revenue, but the numbers started to decline in the following months.

Almost all $1.29 billion came from block subsidies, with transaction fees accounting for less than $100 million. This is a direct result of EIP-1559, which went into force with the London upgrade last year. As previously reported, EIP-1559 separated transaction fees, destroying the base fees while allowing miners to earn tips.

Also, read – The third-largest Ethereum wallet shoveled 86 billion SHIB

Since the London hard fork, the Ethereum network has been destroying chunks of its cryptocurrency. This amount has just risen to over two billion ETH, according to CryptoPotato. Watch The total sum is currently 2,063,565 ETH (as of writing these lines), worth over $7 billion at today’s prices.

The Most Up-to-Date Information on the Ethereum Merge

In the coming days, Ethereum will become more energy efficient. Ethereum, one of the first cryptocurrencies to implement smart contracts, will switch from a proof-of-work to a proof-of-stake paradigm. Bitcoin and numerous other currencies now use a proof-of-work methodology. Vitalik Buterin, the creator of Ethereum, recently revealed that Ethereum would switch to a more energy-efficient proof-of-stake mechanism in the coming days. On the other hand, proof-of-stake uses a fraction of the energy that proof-of-work does.

The Ethereum merge is one of the biggest crypto events of 2022.

🧵: In this thread, I’ll cover:
– What the changes mean for $ETH
– How it affects other L1s
– Why the $ETH merge could be a market catalyst
– If $ETH can finally flip #bitcoin

Let’s dive in. 👇

— Miles Deutscher (@milesdeutscher) March 30, 2022