Chart of the Day
Ethereum mining revenue has reclaimed a whopping 60% from July lows as the impact of China’s crypto ban is gradually eclipsed by the network’s EIP 1559 upgrade and the NFT craze. The Ethereum mining revenue in August rose north of $1.65 billion, however, revenues collected from transactions fees alone have dropped by nearly one-third, from 91,000 ETH in July to, 61,000 ETH as of Aug. 29.
Meanwhile, the cumulative balance of all mining pool addresses tripled from 81,512 ETH to 243,000 ETH, reaching a three-year high. Does this imply that miners are expecting the price of Ether to soar even higher with renewed confidence in DeFi and NFT, or should we be wary of another wave of selling pressure before the rollout of Eth2? Ether way…
Talk of the Town
Remember a small section of the $1 trillion Infrastructure Bill generating a flurry of lobbying from the crypto industry. Now, the drama may continue in its second installment, with another bill. According to Roll Call’s anonymous source, the Biden administration plans to incorporate new crypto tax reporting requirements in the upcoming $3.5 trillion budget reconciliation package. The requirements would facilitate global information exchange on digital currency trading outside the U.S and the data will, in turn, be mobilized to enforce tax compliance. Talk about taxing times.