Bitmine’s last quarter Ethereum staking revenue reached $46 million

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Deep Tide TechFlow news flash: On July 16, according to Cointelegraph, Bitmine Immersion Technologies generated $45.7 million in revenue in the quarter ended May 31 through Ethereum staking and validation, accounting for 98% of total revenue—far exceeding Bitcoin self-mining revenue of $624k and consulting services revenue of $168k.

The company launched its institutional staking platform MAVAN in March and currently has staked about 4.9 million ETH, representing 85% of its holdings. Chairman Tom Lee said Bitmine’s staked ETH amount exceeds that of all other entities globally, and if fully staked, it is expected to deliver annualized rewards of up to $284 million.

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