Authors estimate that one out of every 30 transactions in the Ethereum blockchain is added by miners for artificial profiteering.
Since 2020, miners on the Ethereum blockchain have extracted around $600 million from other investors by miners, according to a new report by the Bank for International Settlements focusing on common malpractice in the crypto mining industry.
The first is hardly surprising, which observed that Ether and the decentralized finance protocols built on it “rely on validators or"miners" as intermediaries to verify transactions and update the ledger.” The main thesis of the report is formulated around the abuses these intermediaries can make in the form of “miner extractable value” :
A more precise definition in the report qualifies MEV as “the profit that miners can take from other investors by manipulating the choice and sequencing of transactions added to the blockchain.” Authors estimate that one out of 30 transactions in the Ethereum blockchain is added by miners for artificial profiteering.
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