Ethereum miners made nearly 15 percent more revenue in October 2021 when compared to the previous month - although figures were still lower than in May 2021. That particular month, miners earned a record revenue of more than 2.3 million U.S. dollars - likely due to Ethereum's role within the boom of Decentralized Finance (DeFi) and NFTs. Miner revenue normally consists of both block rewards, the initial reward when mining a coin, as well as future transaction fees whenever someone uses the coin you mined. This concept is changed for Ethereum specifically 2021, however, due to the introduction of the EIP-1559 network upgrade in July 2021 - also known as the "London hard fork". This upgrade essentially gets rid of transaction fees entirely (it "burns" them) rather than giving them to the miners that originally "found" those coins. By making mining less attractive this way, the hard fork aims to lessen the amount of Ethereum in circulation.
Ethereum (ETH) miner revenue from August 2015 to December 2021
(in million U.S. dollars)
Characteristic
Miner revenue in million U.S. dollars
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Statista. (January 10, 2022). Ethereum (ETH) miner revenue from August 2015 to December 2021 (in million U.S. dollars) [Graph]. In Statista. Retrieved July 19, 2024, from https://www.statista.com/statistics/1278432/ethereum-miner-revenue/
Statista. "Ethereum (ETH) miner revenue from August 2015 to December 2021 (in million U.S. dollars)." Chart. January 10, 2022. Statista. Accessed July 19, 2024. https://www.statista.com/statistics/1278432/ethereum-miner-revenue/
Statista. (2022). Ethereum (ETH) miner revenue from August 2015 to December 2021 (in million U.S. dollars). Statista. Statista Inc.. Accessed: July 19, 2024. https://www.statista.com/statistics/1278432/ethereum-miner-revenue/
Statista. "Ethereum (Eth) Miner Revenue from August 2015 to December 2021 (in Million U.S. Dollars)." Statista, Statista Inc., 10 Jan 2022, https://www.statista.com/statistics/1278432/ethereum-miner-revenue/
Statista, Ethereum (ETH) miner revenue from August 2015 to December 2021 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1278432/ethereum-miner-revenue/ (last visited July 19, 2024)
Ethereum (ETH) miner revenue from August 2015 to December 2021 (in million U.S. dollars) [Graph], Statista, January 10, 2022. [Online]. Available: https://www.statista.com/statistics/1278432/ethereum-miner-revenue/