Ethereum mining revenue breaks $1 billion for the first time in February

Total Ethereum mining revenue reached $1.37 billion in February — a new record, according to data from The Block. 

Ethereum mining revenue grew 65.1% between January and February. During that time, transaction fees grew 122.1%.

Ethereum mining revenue often features a relatively high ratio of transaction fees to block subsidies. Of the total revenue in February, $722.8 million, or 52.8%, came from fees. The remaining $644.4 million came from block subsidies. 

Meanwhile, The Block recently reported that Ethereum’s top mining pools remain divided on whether to reduce miner transaction revenue through the Ethereum Improvement Proposal (EIP)-1559. While F2Pool, the third-largest ETH mining pool, F2Pool has said it supports EIP-1559 for its ability to reduce transaction revenue variability. But the largest pool, Sparkpool, opposes the proposal.