Ethereum Miners Smile to the Bank as Mining Revenue Jumps 7.2% in March
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According to the analytics platform, the monthly revenue realized by ETH miners in March was 7.2% higher than the amount recorded in the previous month. However, the mining revenue still has a long way to go to touch its all-time high recorded in November last year.
That said, the recent mining revenue data shows that miners have successfully broken the trend of consecutive descending revenue that began last November. At the time, Ethereum miners recorded a monthly revenue of over $2 billion, followed by months of declining revenue.
IntoTheBlock also revealed that most of the $1.29 billion mining revenue came from block subsidies, while about $100 million came from transaction fees. This outcome comes following the EIP-1559 implementation with the London upgrade last year.
The EIP-1559 upgrade implemented a change in the network that caused it to split transaction fees into two, with the base fees getting permanently destroyed while miners only received the tips.
Since the London hard fork, Ethereum has destroyed a significant amount of its tokens for deflationary purposes. Current statistics from Watch The Burn show that 2,063,798 ETH (worth $7.21 billion) have exited the circulating supply of Ethereum since the hard fork.
Key Ethereum Levels to Watch — April 4
Following a three-week-long parabolic bull run, Ethereum appears to have lost bullish steam, as the stochastic indicator in the daily chart shows encroachment into overbought conditions. The second-largest cryptocurrency could spend the coming hours easing the trading tensions as a decline to the $3,400 – $3,300 area looms.
That said, it is advisable to refrain from placing aggressive bullish bets at the moment until we see complete ease off on the stochastic indicator. After this easing period, I expect a jump to the $3,600 top, followed by a return to the $3,800 axis (2022’s peak).
Meanwhile, my resistance levels are $3,600, $3,800, and $4,000, and my support levels are $3,400, $3,300, and $3,200.
Total Market Capitalization: $2.14 trillion
Ethereum Market Capitalization: $418.3 billion
Ethereum Dominance: 19.5%
Market Rank: #2
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