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Ethereum miners surpassed $1 billion in rewards for the first time in February

Ethereum mining revenue grew 65.1% between January and February.

Large profits

During that time, transaction fees increased 122.1%. Ethereum mining revenue often features a relatively high proportion of transaction fees to block loans.

Of total revenues in February, $722.8 million, or 52.8%, came from fees. The remaining 644.4 million came from block subsidies.

Source: The Block

Meanwhile, The Block site recently reported that major Ethereum mining pools remain divided on whether to reduce mining transaction revenue through Ethereum Enhancement Proposal (EIP)-1559.

Growing discontent of the miners

Ethereum miners have been making record revenues as gas prices continue to hit new all-time highs. A couple of days ago the average transaction fee had hit another all-time high hovering around $40, according to BitInfoCharts.

F2Pool, the second largest ETH mining pool, has said it is EIP-1559 compliant for its ability to reduce variability in transaction revenue. On the contrary, Sparkpool, which ranks third on the list, opposes the proposal, while Ethermine, which has 27% of the hashing power of the entire network, has not spoken on the matter.

Source: Miningpools.com

With the juicy rewards under threat, miners could take steps like fork the chain after the implementation of EIP-1559. This would be similar to what happened with Ethereum Classic, the original version of the blockchain before the DAO hack.

Cryptoreportage, consulted one of the largest distributors of ASIC mining equipment, the Swiss company PROMINERZ, about the sales movement of this type of mining equipment, Mr. Bastien, manager of the sales team of the same, replied:

The demand for the equipment continues to deplete stock, in fact, at this time there are few purchase options and prices have tripled, in dollars, from December to date.

Manufacturers such as Innosilicon, have launched updated models with delivery expected from the end of next May, for which, we estimate that Proof Of Work (PoW) mining will continue in the Ethereum network for a few more years, he concluded.


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