BitMine Ethereum Staking Revenue Relies Heavily On Ethereum Tower

BitMine’s Ethereum staking and validation business is heavily dependent on third-party operator Ethereum Tower, according to a report cited by CryptoSlate. According to ChainCatcher, the management services agreement gives Ethereum Tower an irrevocable 2% interest in MAVAN and has an initial term of 10 years; if BitMine ends the partnership early without a specified default, Ethereum Tower may still choose to receive revenue sharing for the remaining term or a one-time payment based on a formula. The filing said BitMine’s staking and validation business generated $45.743 million in revenue in the three months ended May 31, 2026, accounting for 98.3% of total revenue of $46.535 million. Over the same period, the company held about 5.4169 million ETH, with about 4.7187 million ETH staked. The report said BitMine’s revenue performance is constrained not only by Ethereum staking yields but also by its relationship with the third-party manager and potential termination costs.