New data shows that Ethereum miners made a total of $1.29 billion in revenue in March. Nevertheless, this is still a long way down from the all-time high registered in November last year.

According to data from The Block, the total monthly revenue made by Ethereum miners increased by around 7.2% from February to March 2022.

Perhaps more importantly, this meant that they have managed to break a descending trend that started in November 2021. At that point, the miners operating on the second-largest blockchain network made over $2 billion in revenue, but the numbers started to freefall in the following few months.

Almost all of the $1.29 billion came from block subsidy, while less than $100 million were from transaction fees, which is a direct consequence of EIP-1559, coming into effect with the London upgrade last year.

As previously reported, EIP-1559 split the transaction fees, with the base fees now being destroyed while allowing miners to receive only tips.

Ever since the London hard fork, the Ethereum network began burning portions of its native cryptocurrency. CryptoPotato recently informed that this number skyrocketed to above two billion ETH.

Watch The Burn now shows that the total amount is 2,063,565 ETH (as of writing these lines), worth over $7 billion at today’s prices.