Woofun AI data shows that BitMine’s Ethereum staking and validation operations generate the vast majority of its income, with revenue reaching $45.743 million in the three months ending May 31, 2026. This figure constitutes 98.3% of the company’s total revenue of $46.535 million for the same period.

The business model is structurally dependent on third-party operator Ethereum Tower, which holds an irrevocable 2% interest in MAVAN under an agreement lasting up to 10 years. Early termination by BitMine triggers significant costs, allowing Ethereum Tower to retain revenue sharing for the remainder of the term or claim formula-based compensation. During this quarter, BitMine held approximately 5.4169 million ETH, valued at roughly $10.856 billion, with about 4.7187 million ETH actively staked.