On-chain data reveals that Ethereum Miner Revenue for the month of August 2022 touched the $733.88 million mark. Whereas in July 2022, Ethereum miners made profits that only totaled $620.65 million.

Miners earn rewards by producing valid blocks as well as by processing transactions on the Ethereum blockchain and their rewards are usually paid in ETH.  

It is worth noting that monthly total miner revenue puts into consideration block subsidy or inflation rewards, transaction (gas) fees as well as Uncle rewards. 

Uncle block rewards on the Ethereum network are rewards awarded to miners for the creation of an uncle block included in a valid block added to the chain. It is similar to stale blocks on the Bitcoin (BTC) network. 

Inflation rewards contributed the largest to the $733.88 million profits recorded by ETH miners in August 2022. While $678.69 came from inflation rewards, $29.67 was derived from Uncle rewards while revenue made by ETH miners from transaction fees reached $25.52. 

So far, the highest revenue ($1.47 billion) made by Ethereum miners this year was spotted in January 2022. Since then, monthly revenue has been declining. 

Read Also: Upgrade Your Clients Before September 6,” Ethereum’s Vitalik Buterin Urges Node Operators

The Merge Will Cancel ETH Mining

While the upcoming Merge upgrade on the Ethereum blockchain is designed to make the biggest smart contract platform more scalable, less energy intensive, and complete; it will bring an end to miners’ financial activity. 

Post-merge, mining will no longer be supported on the Ethereum blockchain. The Merge is an upgrade that will transition the popular blockchain to operate using the proof-of-stake (PoS) consensus algorithm mechanism. 

Read Also: Ethereum’s Vitalik Buterin To Release a Book Titled “Proof of Stake” in September

Whereas proof-of-work supports token mining, proof-of-stake involves staking as the name implies.  

In a bid to keep Ethereum mining alive, Chandler Guo, a popular cryptocurrency miner, and other miners announced their plan to execute a post-Merge Ethereum hardfork that will give rise to another platform dubbed Ethereum POW (ETHPoW). 

In response to this plan, Vitalik Buterin, the creator of Ethereum noted that the planned miner-led hardfork will not succeed nor gain substantial adoption

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Aviv Yaish, a crypto-focused researcher at the University, shared the paper on Twitter on the 5th of August 2022. The paper, which is currently waiting for peer review, leverages publicly available on-chain data and the open source codebase of Ethereum to deduce its conclusions.

Do miners execute consensus-level attack against Ethereum (or other major tokens)
The answer is *yes*
Read on for full deets
Joint work with Gilad Stern and @Avivz78.
Full paper: https://t.co/PffJRQ3X3W
Medium post: https://t.co/qMOsRrN5DJ
… (1/12)

— Aviv Yaish (@yaish_aviv) August 5, 2022

Read Also: Ethereum’s Vitalik Buterin Dumps 25 Trillion SHIT Tokens on Uniswap

In the thread of tweets, Aviv Yaish, who is one of the authors of the paper, highlighted how F2Pool’s block timestamps are artificially altered to boost rewards.

The researcher stated that the difficulty of mining the current block changes on the fly, and decreases the longer time passes without anyone mining a new valid block, in order to keep inter-block time moderately low.

Yaish wrote:

“The time between blocks, and thus also mining difficulty, is determined according to block timestamps. The problem with this is that according to Ethereum’s consensus laws miners have a certain degree of freedom when setting them, and can even set false timestamps…

“The same consensus laws say that in case of ties between blocks of the same height, the block with a higher total mining difficulty should be picked to be the parent of the currently mined block, while the other one should be its uncle…”

So, a miner who desires to replace the last block on the blockchain can mine its own block that has a timestamp low enough to increase the mining difficulty of the block. This is used, especially when the last block has high-paying transactions or double-spend transactions in the block.

Read Also: Ethereum Mainnet Shadow Fork 10 Done and Dusted in Preparation for the Merge in September

He said a miner can “even preemptively mine blocks with such timestamps to make sure they win in case of ties with other blocks which might be mined concurrently, or which might’ve been mined but haven’t reached the attacker yet.”

So, the Israeli University researchers discovered that anytime F2Pool’s block timestamps attain the point where mining difficulty is expected to decrease, miners artificially set them to be one second earlier. The research paper shows that miners have been secretly executing this attack over the past two years.

(10/12) Because they execute this attack only against blocks that have a timestamp difference from their parents which is divisible by 9, and so we see that competing mining pools have an over-representation of uncle blocks at the 9 seconds mark. … pic.twitter.com/f851uUtY74

— Aviv Yaish (@yaish_aviv) August 5, 2022

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Vitalik said in his speech on the 21st that if you like POW, you should use Ethereum Classic (ETC), which is totally a fine chain. (Live video at 35:50) Currently, Ethereum is expected to start the merge of POW to POS in September. https://t.co/nAtKh9fHyA

— Wu Blockchain (@WuBlockchain) July 25, 2022

PoS versus PoW

Following the upcoming Merge upgrade on the Ethereum network, the second-largest blockchain project by market capitalization will no longer support mining activities. 

That is, the Ethereum blockchain will no longer operate under a proof-of-work (PoW) consensus algorithm but rather proof-of-stake (PoS). 

While this is a huge upgrade, crypto miners will be affected negatively as they will lose a major source of income. This is because, in a proof-of-stake (PoS) network, cryptocurrency owners validate block transactions based on the number of coins a validator stakes.

Read More: Vitalik Buterin: Ethereum (ETH) Will Be 55% Complete After The Merge and Process 100,000 TPS

Whereas proof-of-work (PoW) consensus algorithm is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to validate transactions and also mine new tokens. 

In other words, proof-of-work mechanisms require miners to solve cryptographic puzzles while proof-of-stake mechanisms require validators to simply hold and stake tokens. To note, there are mining rewards for miners on PoW networks. 

Read Also: Mainnet Shadow Fork 9 Implemented on Ethereum Network; The Merge Predicted to Happen in September

Ethereum Classic is a Fine Chain, Says Vitalik Buterin

In the previous week, Ethereum co-founder Vitalik Buterin while giving a speech pointed out that the Ethereum Classic blockchain is a good option for crypto miners. He noted that those who like proof-of-work blockchains could migrate to Ethereum Classic citing that it is a fine chain. 

Ethereum Classic is a hard fork of Ethereum, launched in July 2016. It is said that the blockchain project came to be in response to contract censorship on sister chain Ethereum. Reportedly, Ethereum Classic has proven its ability to resist censorship.

Related: Grayscale Highlights How Ethereum 2.0 Would Positively Impact Ethereum Classic (ETC)

Ultimately, Ethereum Classic which has a native token with the ticker ETC combines the technology of Ethereum with the philosophy of Bitcoin. Ethereum Classic is uniquely positioned to be the smart contract platform of the future.

More so, it is an open-source platform, supporting a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine.

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The post Ethereum Classic is a Fine Chain, Says Ethereum Co-Founder Vitalik Buterin appeared first on Times Tabloid.

Read Also: Billionaire Mark Cuban Reveals Why He’s ‘Very Bullish’ On the Upcoming Ethereum ‘Merge’

Ethereum (ETH) Hashrate Hits All-Time High

This year, the Ethereum blockchain is expected to fully transition to the PoS network via The Merge. The upgrade implies that miners will no longer be needed on the network. Although it is unclear how smoothly the transition will play out, Ethereum miners are currently minting blocks at a very high rate.

According to the 3-month hashrate chart shared by coinwarz.com, on 7th April, Ethereum hashrate saw a high of 1.131 petahash per second (PH/s). While on 9th January, the network’s hashrate rose above the 1.032 PH/s zone, indicating a 13% surge in hashpower within a few months, after attaining a single petahash.

Exponential Growth of Ethereum Hashrate Since 2016

Ethereum’s hashrate has grown substantially since 21st 2016 when the hashrate was relatively 1.51 terahash per second (TH/s). The current hashrate indicates that it has increased 74,800% within the last six years.

Read Also: Ethereum Core Developer Announces Rollout of Kiln, the Next Iteration of ETH Merge Testnets

In recent times, Ethereum’s daily mining rewards have surpassed that of Bitcoin. On 9th April 2022, Ethereum’s 24-hour mining revenue was 16% higher than Bitcoin’s. On that day, Ethereum recorded $88.8 million, while Bitcoin accrued $76.4 million.

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It can be recalled that ETC started the notable surge from $26 to a peak of $48.50. According to Grayscale, the renewed interest in Ethereum Classic (ETC) was likely initiated by speculation that the Ethereum merge expected to play out later this year may cause miners to move their hash power to the ETC network.

Read Also: JPMorgan Now Let Retail Customers Invest In Bitcoin, Ethereum, Bitcoin Cash, and Ethereum Classic

A few days ago, it was announced that the merge to proof-of-stake (PoS) consensus mechanism has successfully occurred. This implies that the team may do the same on the mainnet before the end of the year.

The much-anticipated development is expected to disable Ethereum miners from earning block rewards with their existing setups and will need to find somewhere to contribute their processing power.

Currently, Ethereum Classic network is likely the first candidate for ETH miners because Ethereum Classic network has a long-term commitment to Proof of Work (PoW) and is a fork of Ethereum with very similar code.

Impact of miners on a PoW network, such as Bitcoin, Ethereum, and Ethereum Classic, can be observed through changes in hash rate, the average computational power used to secure the network per second.

There will be an increase in hash rate when more miners are mining on the network and decreases when they leave.

Read Also: Ethereum (ETH) Donations to Ukraine’s Government Rapidly Increase after Airdrop Announcement

Grayscale noted that since the merge testnet launch was announced, the ETC hash rate has increased slightly by relatively 1% from 15th March to 22nd March 2022, which indicates that Ethereum miners have not started migrating in numbers to the ETC network yet. However, it’s expected to play out later, due to the fact that the hash power from the Ethereum network has to relocate somewhere.

Grayscale believes that the migration of Ethereum miners to the ETC network will certainly boost its hash rate, which also represents greater network security and may lead to more confidence in the network.

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According to the report, the suspension came in response to the latest unfavorable regulatory policy announcements in China.

Read Also: CEO of World’s Largest Movie Theater Chain Confirms Adoption of Ethereum, Litecoin, Bitcoin Cash

The People’s Bank of China and the National Development and Reformation Commission (NDRC) had earlier announced their quest to further clamp down crypto trading and mining activities in the country.

In terms of the real-time hash rate, Sparkpool is the largest Ethereum mining pool. The mining pool accounts for relatively 20% of the Ethereum network’s hash rate, followed by Ethermine.

Read Also: Vitalik Buterin: My Biggest Regret about Ethereum is the Whole ‘8 Cofounders’ Thing

China Issues Tougher Measures in the Quest to Clampdown Crypto-Related Activities

According to an announcement on Friday, all services that allow the exchange of fiat currencies and cryptocurrencies or between crypto assets are now classified as illegal activities.

This implies that over-the-counter (OTC) services that are still available on crypto exchanges such as OKEx, Huobi, and Binance, which enable users based in China to change Yuan to digital assets so as to take part in crypto trading activities, are now illegal.

The notice further stated that offering crypto derivative trading services have now become illegal in the country. It also affects crypto exchanges outside China, which make the service accessible to Chinese residents.

Read Also: Analyst Nicholas Merten Predicts Notable Surge in Ethereum (ETH) Price in the Coming Months

According to PBoC, individuals who live inside China but work for overseas crypto exchanges that are making crypto trading available in China are also subject to legal prosecution.

Another thing that is worth noting in the statement is that it’s jointly issued by not only government agencies but also law enforcement.

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The network attained the notable height at about 10 AM UTC on Sunday, after removing a total of 124,865 ETH from circulation. At the time of writing according to Ethburned.info, a total of 133,672.66 ETH has been burned by the Ethereum blockchain, while 341.31 ETH has been destroyed in the last hour.

Read Also: Ethereum Network Now Burns $10,000 per Minute after EIP-1559 Implementation

On 5th August 2021, EIP-1559, the upgrade that has been aiding the burning of ETH, was implemented along with the London Upgrade. The upgrade is targeted at stabilizing the volatile transaction fees of Ethereum (ETH) and hastening the transition to Ethereum 2.0, the next generation of the Ethereum blockchain.

With the implementation of EIP-1559, mining on the Ethereum network has become notably unprofitable compared to the way it used to be. Now, fees are completely destroyed instead of enriching Ethereum miners that validate transactions.

Read Also: Gemini: Ethereum (ETH), Cardano (ADA) Top the List of Investments of Choice in Singapore

However, miners can still be paid to speed up transactions, but such a tip is now optional for users.

When Ethereum 2.0 is fully launched, miners will no longer be needed on the network. They will be replaced by proof-of-stake (PoS) validators. However, the much-awaited transition may not play out until early next year.

What Will Ethereum 2.0 Do?

Ethereum 2.0 is coming to change the way Ethereum transactions are processed. Under the current proof-of-work (PoW)’s system, miners have the right to validate transactions with their most powerful computers.

Read Also: Analyst Predicts Ethereum Notable Breakout, Says Bitcoin Would Hit New All-Time High by November

On the other hand, under the anticipated PoS consensus algorithm, validators win the right to validate transactions if they pledge the most ETH. Also, the upgrade is expected to make Ethereum blockchain 99.5% more environmentally friendly.

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