Bitmine Says Ethereum Staking Generated 98% of Quarterly Revenue

Bitmine Immersion Technologies reported $45.7 million in Ethereum staking and validation revenue for the quarter ended May 31, accounting for 98% of total revenue. The company generated about $2 million a year earlier, mainly from machine leasing. Bitmine's institutional Ethereum staking platform, MAVAN, has staked significant assets, driving the revenue surge.