From $750M+ in August revenue to 70M- What went wrong for ETH miners

ambcrypto.com:

Ethereum miners might just have a ticking clock above their heads now, that is to say, a Merge countdown clock. Well, miners could keep mining ETH up until the timer hits zero. But do miners still see a profitable future within this domain?

ETH miners would soon be replaced with PoS validators, which could cut the ETH network consumption by 99%. Between 10-20 September, the blockchain would shift as part of the Merge from a proof-of-work (PoW) consensus mechanism for block creation to a proof-of-stake (PoS) system.

Following this, PoW mining on Ethereum will no longer take place. Are there any repercussions? Well, hundred percent.

Ethereum miners’ revenue continued to see a massive fall, at press time. As per the analytics platform Glassnode, the revenue reached a 1-month low count of $754,483.90.

Source: Glassnode

The beginning of September did, indeed, create a havoc scenario for the miners who still enjoyed their August success. Ethereum miners generated $756 million in revenue in August, up 37% from July’s $545 million in revenue.

Just over $30 million of that amount constituted transaction fees — that is, ETH paid for transactions in the blocks — with the rest as block subsidies to miners, according to data collected by The Block Research.

However, at present, the figure depicting monthly revenue fell around $66 million after enjoying August’s stats.

Source: The Block

The revenue on a daily scale too reiterated the same bearish pitch. In addition to this, miners did suffer a major setback. Ethermine, the largest ETH miner, made an important announcement.

It stated that the mining pool would switch to withdrawal-only mode once the Proof-of-Work (PoW) mining phase is completed.

Fair to say, miners would need to shift to a