Ethereum miners’ revenue in June fell by 53%

Total Ethereum miners’ revenue in June stood at $1.1 billion, down 53% from May.

Transaction fee revenue plummeted—from $1.04 billion to $165.8 million. Their share of total income stood at 15%, versus 43.5% in the previous month.

Analysts at Glassnode previously reported a slowdown in activity on Bitcoin and Ethereum networks to year-to-date lows. The daily transaction-fee metric in the network of the second-largest cryptocurrency by market cap fell to levels seen in the run-up to DeFi Summer 2020.

The drop in Ethereum’s price led to a reduction in rewards earned for mined blocks—from $1.35 billion to $940 million.

Bitcoin miners’ revenue in June fell 43%—to $839.1 million. For the second consecutive month, this figure remained below the Ethereum ecosystem’s corresponding level.

The decline in block rewards—from $1.36 billion to $797 million—was more pronounced than in the Bitcoin network. The main reason was the shutdown of large mining facilities in China, which are now relocating to other countries.

As reported in a forecast by Foundry vice-president Kevin Zhang, by June 30 the share of shut-down capacity in China will approach 90%.

Poolin vice-president Alejandro de la Torre told ForkLog that the era of China’s dominance in the cryptocurrency mining industry is over.

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