Bitmine’s Ethereum staking revenue reached $45.7 million last quarter, accounting for 98% of total revenue

Odaily reported that according to Bitmine Immersion Technologies' latest 10-Q filing, in the three months ending May 31, its Ethereum staking and validation revenue reached $45.7 million, accounting for 98% of total revenue, surpassing its self-mined Bitcoin revenue of $624,000 and consulting service revenue of $168,000. Bitmine stated on Monday that it has staked 85% of its ETH holdings, approximately 4.9 million ETH. Bitmine Chairman Tom Lee said that Bitmine has staked more ETH than any other entity globally. If all its ETH were fully staked through MAVAN and its staking partners, the annualized ETH staking rewards are expected to reach $284 million. (Cointelegraph)