Revenues from validating transactions on the Ethereum (ETH) plummeted more than 50% in September – the month in which the network completed the transition from proof-of-work (PoW) to proof-of-stake (PoS).
miners of cryptocurrency and validators of staking totaled $406.86 million – a 51.7% drop month-on-month, according to data compiled by The Block Research.
“The Merge” – update of Ethereum that completed the network transition – was completed on September 15thputting an end to transactions validated by cryptocurrency minerswhich use GPU hardware.
Ethereum proof-of-stake
With the update complete, Ethereum replaced mining with staking – in which network validators deposit tokens – which requires less computing power and reduced energy expenditure.
The update reduced emissions of new ETH significantly, which had a negative impact on mining and staking revenues.
Most of that revenue came from mining subsidies ($299.85 million) and a smaller amount came from staking revenue ($72.02 million), transaction fees ($22.28 million) and rewards ($22.28 million). $12.7 million).
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Source: Moneytimes
I am a journalist with over 6 years of experience working in the news industry. I currently work as an author for Global Happenings, and my coverage focuses on Technology news. I have written for various publications, including Reuters, The New York Times and The Guardian.
