BlockBeats News, July 15th, Bitmine Immersion Technologies' latest 10-Q filing shows that in the previous quarter ending on May 31st, the company generated approximately $45.7 million in revenue from its Ethereum staking and validation business, accounting for about 98% of total revenue.

During the same period, the company had about $624,000 in revenue from Bitcoin self-mining and around $168,000 from consulting services. Bitmine had previously announced that it had staked about 85% of its ETH holdings, equivalent to around 4.9 million ETH.

Bitmine's Chairman, Tom Lee, stated that with the full operation of its institutional-grade Ethereum staking platform MAVAN, the company expects an annualized reward of approximately $284 million from its Ethereum staking business. Furthermore, he mentioned that since its launch on July 1st, the on-chain transaction volume of the Robinhood Chain has surpassed $1 billion, demonstrating the practicality of Ethereum as a underlying settlement network.