Ethereum (ETH) Miners Earn Astonishing Income Before Merge!

Ethereum Merge While there are only a few days left for the update, the revenues of ETH miners continue to be astonishing.

According to research by The Block Research Ethereum miners generated revenue of $756 million in August. The miners had a revenue of approximately $545 million in July. Thus, ETH The monthly increase in miners’ income was 37%.

It is estimated that around 30 million of the $756 million revenue went to the transfer transaction fee on the Ethereum network.

With the Ethereum Merge update, which will be released this month, Ethereum mining with graphics cards will be a thing of the past.

What is Ethereum Merge Update? When Is It Coming?

The Ethereum Merge update will transition the working principle of the Ethereum blockchain from a proof-of-work (PoW) system to a proof-of-stake (PoS) system. Thus, the functioning of the Ethereum network will be completely changed.

The PoW system, which will be abandoned soon for Ethereum, worked briefly as follows: The person who wanted to be a validator was setting up the system by purchasing a video card. Computer equipment running on electrical energy was performing the verification processes in the ETH network. The validator, on the other hand, was earning Ethereum as a reward from this system.

However, with the new PoS system, ETH mining with graphics cards will be a thing of the past. At least 32 Ethereum must be staked to be validator in the new system.

The Ethereum Merge update will be released on September 15.

For more details on Ethereum Merge and ETH 2.0, you can read the article below:

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