Bitmine's Ethereum Staking Revenue Reached $46 Million Last Quarter

TechFlow news, July 16. According to Cointelegraph, Bitmine Immersion Technologies earned $45.7 million in revenue through Ethereum staking and validation in the quarter ended May 31, accounting for 98% of total revenue, far exceeding the revenue of $624,000 from Bitcoin self-mining and $168,000 from consulting services.

The company launched the institutional-grade staking platform MAVAN in March. It currently stakes approximately 4.9 million ETH, accounting for 85% of its holdings. Chairman Tom Lee stated that Bitmine stakes more ETH than any other entity globally, and if fully staked, estimated annualized rewards could reach $284 million.