Despite dip, Ethereum miners earn $1.93B in May

Ethereum might have seen a bad week this month but it surely was a green month for its miners. May has been a record month for Ethereum miners where they have earned $1.93 billion in revenue. These figures are the data of three weeks of May with 1 week to go in the month.

Ethereum had been climbing at a record high value when it fell last week along with Bitcoin after Elon Musk banned Bitcoin from Tesla and the Chinese Central Bank banned it from being used in transactions and payments in China.

Of the total $1.93 billion earned, $922 million came from transaction fees associated with the Ethereum blockchain. The remaining amount of $1.01 billion was from subsidy payments to miners.

Transaction in cryptocurrency transfer and payments are completed when miners solve novel mathematical problems related to that payment using computers. Though the crypto market last week lost a total of more than seven hundred billion dollars when the market shrank, Ethereum miners have surely made a lot of money.

Ethereum had also fallen along with Bitcoin. It was at that time trading at its lifetime peak and fell to lose almost 50% of its value. But as of now, it is trading better than before at US$2852.69.