Bitmine's ETH staking revenue hits $45.7M, making up 98% of Q2 total

Bitmine (BMNR) generated $45.7 million in revenue from its Ethereum (ETH) staking and validation business for the quarter ending May 31, accounting for approximately 98% of its total revenue, Cointelegraph reported. In contrast, the company's Bitcoin (BTC) self-mining revenue was $624,000, and consulting revenue was $168,000 during the same period. The report noted that Bitmine's business model has rapidly shifted toward ETH since the launch of its institutional staking platform, MAVAN, in March. Bitmine Chairman Tom Lee stated that the company now stakes the most ETH globally. He projected that if Bitmine stakes its entire ETH holdings through MAVAN and its partners, annual staking rewards could reach approximately $284 million.