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, according to its latest 10-Q filing. The company generated about $2 million in revenue a year earlier, mainly from machine leasing. Bitmine said its institutional Ethereum staking platform, MAVAN, has staked about 4.9 million ETH, representing 85% of its holdings. The company expects staking rewards to increase as more ETH is deployed.
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