Ethereum miners made a record-breaking $1.93 billion in revenue in May, report says

• May has ben a record-setting month for ethereum miners, who have so far made $1.93 billion in revenue, research from The Block shows.
• The strong figures were revealed following a brutal selloff in the cryptocurrency market in the last week.
• Most crypto assets have regained some ground Monday, with ether is trading 30.36% higher to $2,521.

May has been a record-breaking month for ethereum miners, who have so far made $1.93 billion in revenue with one week still left to go in the month, data collected by The Block Research shows.

Of that total, $922 million came in the form of transaction fees, which are costs associated with transacting on the ethereum blockchain, according to The Block Research. Subsidy payments to miners, meanwhile, comprised $1.01 billion.

Miners complete transactions and create cryptocurrencies by using computing power to solve puzzles on the network. They make profits when their mining revenue exceeds other costs, such as electricity.

The robust figures earned by ethereum miners were revealed following a brutal selloff in the cryptocurrency market over the past week, which saw global crypto market value slip by 47%. Cryptocurrencies have regained some ground Monday.

Ethereum's ether token, the second-largest cryptocurrency by market capitalization, has fallen sharply from its record-high in May. But as of Monday, ether is trading 30.36% higher to $2,521.65.