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Depends on what you count as earnings; Ethereum did $9.9b in transaction fees and tips alone last year.

[1] https://stark.mirror.xyz/q3OnsK7mvfGtTQ72nfoxLyEV5lfYOqUfJIo...



That's the cost the network pays to miners/core devs. So EBITDA comes out very negative


The cost highlighted there does not include new issuance, as in block rewards which are paid by the network protocol. The entirety of that $9.9b are fees paid by users in the form of gas and tips. Since EIP-1559 was implemented in August, the majority component of the transaction fees is burnt, and only the tips go to the miners. Core devs do not receive transaction fees or tips, or anything really.

If you were to include block rewards as a negative cash flow, then Ethereum would have indeed done a negative EBITDA of around $3b. That will change with PoS, which drops issuance signficantly.




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