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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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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In a conversation with CNBC, Raval said he can run free mining software on his Apple Mac Mini M1. The MAC is powered by an inverter that connects to the 12V socket on his 2018 Tesla Model 3. He added that he’s also connected Graphics Processing Units (GPUs) to his car battery.

Read Also: Ethereum Addresses with Non-Zero Balance and Total Value in ETH 2.0 Deposit Contract Just Reached All-Time Highs

The report says he has also hooked up interconnected graphics processing units (GPUs) to the frunk of his Tesla, powering these machines with the car’s internal battery. Although it risks voiding his car warranty, Raval said it’s worth it.

According to Raval, when the price of Ethereum (ETH) peaked in 2021, he was making as much as $800 a month.

Raval added that he mines relatively 20 hours a day off his Tesla battery. Although the price of altcoins such as Ethereum (ETH) is highly volatile, Raval has baked in other backstops to ensure profitability.

Raval hopes to make his Tesla a fully autonomous robotaxi that earns crypto anytime it’s idle.

Read Also: Ethereum Launches First-Ever Public Testnet for Full Upgrade to Proof of Stake Known as “The Merge”

He said his car “will use its earnings, from both transportation services and cryptocurrency mining services, to pay for its own expenses, like repairs, electricity costs, and upgrades, as well as invest them into a diversified portfolio of emerging crypto-community networks.”

Another Bitcoin miner, Alejandro de la Torre, pointed out that ultimately, mining from a Tesla is just like connecting to any other power source.

Alejandro de la Torre noted:

“The main component is the price of the electricity. If it’s cheaper doing it through an electric vehicle, then so be it.”

Similar to Siraj Raval, another crypto mining enthusiast, Chris Allessi, has tried out a couple of different ways to transform his Tesla Model S into a crypto mining rig.

Read Also: BBVA Switzerland Becomes First Traditional Bank In Europe To Incorporate Ethereum (ETH) into its Crypto Services

In a simple term, Bitcoin/crypto mining is the process whereby new bitcoins are created in an energy-intensive way, and transactions are validated on the blockchain. They do that by running specialized software that crunches complicated math equations. A computer and power are needed to participate.

According to Allessi, he attempted Bitcoin mining by plugging a Bitmain Antminer S9 directly into his Tesla car battery, with the aid of a power inverter. He said the inverter adjusts the voltage of the car’s electric battery to a level that’s compatible with his Antminer.

He claimed that he has also used his Tesla car’s internal firmware for altcoins mining.

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