New data shows that Ethereum miners generated total revenue of $1.29 billion in March.
This number is still far from the highest level ever recorded in November last year.
According to data from The Block, the total monthly revenue generated by Ethereum miners increased by 7.2% from February to March 2022.
More importantly, this means that they were able to break the downtrend that started in November 2021.
Miners operating on the second largest blockchain network generated over $2 billion in revenue, but the numbers started dropping in the next few months.
The $1.29 billion recently generated came from block mining rewards, while less than $100 million was from transaction fees, a direct result of the EIP-1559 upgrade, which came into effect with the London Upgrade last year.
The EIP-1559 upgrade split transaction fees, burning core fees and allowing miners to only receive tips.
Since the London split, the Ethereum network has started burning parts of its original cryptocurrency.
Recently, we reported in that this number has risen to more than two billion Ethereum.
According to the Ethereum blockchain tracking platform The Burn, the total amount burned at the time of the article is 2,063,565 Ethereum, worth over $7 billion at today's prices.
