The new protocol upgrade ‘The Merge’ from Ethereum is soon to be launched on Sept 15th, 2022. Megre will help the ethereum blockchain to shift from Proof-of-Work to Proof-of-Stake. However, even before the launch, Ethereum and the miners have started to climb up the ladder from August.
The Ethereum miners have witnessed huge revenue generation. The miners generated $756 Million in revenue in August. The miners worked rigorously in August before the network shifts to proof-of-stake.
Miners in July generated 545 Million USD revenue which was 37% lower than they generated in August. Undoubtedly, the Ethereum mining industry has gained a decent rise in the last month.
Out of 756 Million USD only 30 Million USD constituted in the transaction fees. ETH paid for transactions to be included in the blocks – with the rest as block subsidizes to miners.
August was the last full month of Ethereum mining. Between the dates Sept 10, 2022 and 20, 2022 the blockchain will welcome the new protocol upgrade, The Merge. The mechanism will shift from the Proof-of-Work to Proof-of-Stake for a block creation system.
Shifting from Proof-of-Work to Proof-of-Stake
Amid the mechanism upgrade the PoW mechanism will not be active anymore. Analysts in the industry have speculated that PoW miners will emerge once the Merge will be active. However, there’s still the question that miners may face problems or may get succeeded.
With Proof-of-Work mechanism, miners generate hashes in a competitive effort to match the hash of the current target block. The new mechanism of Proof-of-Stake involves an array of validators that commit their funds.
The upcoming protocol upgrade ‘The Merge’ will bring some tremendous changes in the crypto market. However, this is still questionable what changes the new mechanism will bring for the Ethereum miners in the coming months.
Source: https://www.thecoinrepublic.com/2022/09/03/ethereum-miners-made-756-million-in-august-ahead-of-the-merge/