Ethereum stacking profits halved

According to the results of September, the profit of Ethereum validators was about $406.86 million. Thus, the level of income was 51.7% less than in August. As a reminder, the merger took place on September 15th and PoS validators replaced Ethereum miners with proof-of-work.

Ethereum transaction validation revenue more than halved in September after the network switched from proof-of-work to proof-of-share.

According to The Block Research, miners and stack validators earned revenue of $406.86 million, down 51.7% from the previous month.

As for the merger, it was completed on September 15th. The merger ended transactions validated by miners, which for the most part used graphics processing unit (GPU) hardware. It was replaced by stacking, where validators deposit tokens. It’s worth mentioning that this requires much less processing power and energy.

Meanwhile, new ETH emissions have been significantly reduced due to the merger. Obviously, this had a negative impact on the profits of miners and stackers.

The majority of the profits came from subsidies to miners ($299.85 million), while a smaller amount came from stacking revenue ($72.02 million), transaction fees ($22.28 million) and “uncle’s block” rewards ($12.7 million).