Ethereum mining, staking revenues down more than 50% in September

Quick Take

  • Ethereum miners and staking validators brought in about $406.86 million in revenue in September, down 51.7% from the previous month.
  • The Merge was executed on Sept. 15, putting an end to Ethereum proof-of-work mining.

Revenues from validating Ethereum transactions more than halved in September as the network transitioned from proof-of-work to proof-of-stake.

Miners and staking validators combined made $406.86 million — down by roughly 51.7% month-over-month, according to data compiled by The Block Research.

The Merge was successfully completed halfway through the month on Sept. 15, effectively putting an end to transactions validated by miners who primarily ran graphics processing unit (GPU) hardware. It was replaced with staking — whereby validators deposit tokens — which requires far less computing power and energy.

The Merge reduced the new issuance of ETH significantly, which had a negative impact on miner and staking revenue.

Most of these revenues came from the miner subsidy ($299.85 million) and a smaller amount from staker revenue ($72.02 million), transaction fees ($22.28 million) and from uncle rewards ($12.7 million).


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