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Bitmine’s Ethereum staking revenue in the previous quarter reached $45.7 million, accounting for 98% of total revenue
BlockBeats, July 15 — Bitmine Immersion Technologies’ latest submitted 10-Q filing shows that, for the previous quarter ended May 31, the company generated revenue of about $45.7 million from its Ethereum staking and validation business, accounting for about 98% of total revenue.
During the same period, the company’s revenue from self-mining Bitcoin was about $62.4 thousand, while its consulting business revenue was about $16.8 thousand. Bitmine previously said it has already staked roughly 85% of its ETH holdings, totaling about 4.9 million ETH.
Bitmine Chairman Tom Lee said that, as its institutional Ethereum staking platform MAVAN has been fully operational, the company expects annualized rewards from its Ethereum staking business to reach up to $284 million. He also said that since Robinhood Chain went live on July 1, on-chain transaction volume has surpassed $1 billion, and he believes it validates Ethereum’s practicality as a base-layer settlement network.