- Ethereum miner revenue has dropped to $498 million, an alarmingly low level, in June.
- A decline in Ethereum price and the fear of being out of business after the Merge lead to steep decline in miner revenue.
- The Gray Glacier upgrade delayed the difficulty bomb, giving miners another 100 days before the migration to Proof-of-Stake.
The Ethereum Merge, the much anticipated transition from Proof-of-Work to Proof-of-Stake, has negatively impacted miners on the altcoin’s network. Miner revenue was slashed to an alarmingly low level in June. Experts revealed that it is likely miners on the Ethereum network have operated under losses for the last two months.
Also read: One of the most iconic American rappers is bullish on Ethereum despite recent price slump
Gray Glacier upgrade gives miners relief for another 100 days
The Ethereum network underwent a scheduled upgrade at block 15,050,000, to change the parameters of the Difficulty Bomb. The Gray Glacier upgrade went live on June 30 and pushed the Difficulty Bomb back by roughly 100 days.
Tim Beiko, a leading Ethereum developer, tweeted:
Gray Glacier Upgrade Announcement
At block 15,050,000, the Ethereum network will undergo the Gray Glacier fork to push back the difficulty bomb, *hopefully* for the last time ever
If you run a node or validator, make sure to upgrade !https://t.co/wmPqzQSgL7
— Tim Beiko | timbeiko.eth (@TimBeiko) June 16, 2022
