In March, Ethereum miners made 1.08 times as much money as Bitcoin miners.
The year 2022 is shaping up to be a watershed year for Ethereum.
During March, Ethereum miners earned a total of $1.29 billion in income. Revenues grew by 7.2 percent month-over-month. However, since November of 2021, when sales totaled $2.07 billion, they have been on a downward trend.
In March, Ethereum miners made 1.08 times as much money as Bitcoin miners. The block subsidy accounted for the majority of these earnings ($1.21 billion), with transaction fees ($78.27 million) and uncle incentives ($58.23 million) accounting for the remainder. In all, transaction fees fell to 5.9% of sales. In November 2021, overall revenue was $2.07 billion; since then, they’ve decreased. In May of 2021, they reached a record high of $2.4 billion.
Ethereum on the Rise
At one point today, ETH’s value temporarily climbed beyond the $3.5k mark, reaching a nearly 2-month high of $3,509. In addition, the top 10 whale addresses now possess over 24% of the total supply of Ethereum. As if that wasn’t enough, the ETH/BTC price ratio is nearing an almost eight-week high of 0.074878, representing a significant increase in Ethereum’s market share over Bitcoin.
The year 2022 is shaping up to be a watershed year for Ethereum. A Proof-of-Stake consensus method will eventually replace the world’s most widely used blockchain, but a specific timetable has not yet been set.
It’s been a long time coming for Ethereum to switch to Proof-of-Stake. Even though the most popular smart contract blockchain presently utilizes a Proof-of-Work consensus method, Vitalik Buterin was already discussing the advantages of using Proof-of-Stake in 2014 when he published his paper on the subject. He famously predicted that Ethereum would be ready for a new consensus mechanism years ago, but the upgrade has been delayed because of the complexity and size of the project.