Bitmine generated $46M from Ethereum staking last quarter

Ethereum staking generated 98% of Bitmine’s revenue last quarter as the company’s pivot from Bitcoin mining gained momentum following its March validator launch.

Bitmine Immersion Technologies recorded $45.7 million in revenue from Ether staking and validation last quarter, following the launch of its institutional-grade Ethereum staking platform in March.

Staking revenue accounted for 98% of total revenue for the three months ended May 31, far outpacing the $624,000 from self-mining Bitcoin (BTC) and the $168,000 from consulting services, according to Bitmine’s latest 10-Q filing. On Monday, Bitmine said it had staked 85% of its ETH holdings, equating to around 4.9 million Ether (ETH).

“Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $284 million on an annualized basis,” said Tom Lee, chairman of Bitmine.