As you probably know by now, ETH price is significantly down from the ATH this month, but May is still set to represent a record-breaking month for ETH miners.
The Block Crypto notes that the data collected by The Block Research shows that as of May 23, ETH miners have hauled in some $1.93 billion in revenue.
“Of that figure, $922.46 million came in the form of transaction fees, or costs associated with transacting on Ethereum. Subsidy payments to miners made up the remaining $1.01 billion,” according to the notes.
There’s one week left of May and the overall revenue figure is expected to move even higher. Miners are making a profit when the revenue from their mining exceeds the cost of electricity and more expenditures in the mining process.
ETH’s price has fallen sharply since trading at an all-time high above $4,300 on May 12. The crypto is currently trading hands at roughly $2,242, according to CMC.
Institutional Ethereum Inflows Outpace Bitcoin For The 1st Time
ETH investment products have seen massive institutional investment inflows and BTC products have seen huge outflows, says the digital asset manager CoinShares, as reported by the online publication the Daily Hodl.
“CoinShares notes in its weekly report that Bitcoin investment products last week recorded a whopping $98 million in outflows, the largest on record. While that figure only represents 0.2% of their total assets under management, the quantity far exceeded the second highest weekly outflow total of $19 million in May 2019,” the Daily Hodl notes.
The same online publication reveals that Ethereum, by contrast, saw $27 million worth of inflows last week.
“Ethereum trading volumes in digital asset investment products last week also totaled $4.1 billion, compared to Bitcoin’s $3.1 billion, the first time there has been higher investment product trading volumes in ETH than in BTC at the firm.”
Stay tuned for more news about ETH and other cryptos.