A visual representation of the digital cryptocurrency, ether.
Photo by S3studio/Getty Images
  • May has been a record-setting month for ethereum miners, who have so far made R27 billion in revenue, research from The Block shows.
  • The strong figures were revealed following a brutal selloff in the cryptocurrency market in the last week.
  • Most crypto assets have regained some ground on Monday, with ether trading 30.36% higher.
  • For more stories go to www.BusinessInsider.co.za.

May has been a record-breaking month for ethereum miners, who have so far made R27 billion in revenue with one week still left to go in the month, data collected by The Block Research shows.

Of that total, R12,9 billion came in the form of transaction fees, which are costs associated with transacting on the ethereum blockchain, according to The Block Research. Subsidy payments to miners, meanwhile, comprised $14 billion.

Miners complete transactions and create cryptocurrencies by using computing power to solve puzzles on the network. They make profits when their mining revenue exceeds other costs, such as electricity.

The robust figures earned by ethereum miners were revealed following a brutal selloff in the cryptocurrency market over the past week, which saw the global crypto market value slip by 47%. Cryptocurrencies regained some ground on Monday.

Ethereum's ether token, the second-largest cryptocurrency by market capitalisation, has fallen sharply from its record-high in May. But as of Monday, ether is trading 30.36% higher to R35,294.

Receive a daily news update on your cellphone. Or get the best of our site emailed to you

Go to the Business Insider front page for more stories.