Revenues of Ethereum miners continued to decline in February, according to data from The Block. Most of the revenues were from block subsidies ($1.09 billion), which was $1.19 billion in February, down 15.3% from last month; a small portion came from transaction fees ($109.77 million).
As of February, the revenues of Ethereum miners have fallen for the third consecutive month. Miners' revenues have been on a downward trend since reaching $2.07 billion in November 2021. Ethereum mining revenues set a record in May 2021 with a total of $2.4 billion.
War in Ukraine Could Boost BTC and ETH
A report by media giant Bloomberg highlights that surges in energy prices caused by the current geopolitical crisis in Eastern Europe could help Bitcoin thrive as a new asset class.
"The Russia-Ukraine war may be another step in Bitcoin's maturation towards becoming a global digital collateral. Rising energy prices are a reminder of the benefits of embracing new technology and achieving North America's status as a net fossil fuel exporter. Supply, demand and adoption, Bitcoin' It signals that India has regained the upper hand over crude oil in 2022."
The report also says that the tension will increase the value of Ethereum (ETH), the leading platform for deploying smart contracts and decentralized applications.
"The war in Ukraine can increase the value of Bitcoin and Ethereum. BTC and Ethereum show a different strength against stocks. The Russia-Ukraine war can increase dollar dominance through cryptocurrencies."
The war in Ukraine could reveal the value of decentralized and digital assets. If the war ends soon, the importance of most risk assets, especially Ethereum (ETH), will be appreciated.
Bloomberg analysts also provide bullish forecasts for stablecoins such as fiat-backed USD Coin (USDC) and Terra USD (UST), which are seeing 2,069 percent and 5,323 percent growth in locked total value (TVL), respectively, in 2021.