Proposal Could Slash Bitmine’s Staking Revenue by Up to $100M Annually
BMNR•Clément Lesaege’s forum proposal would let ETH validators vote to redirect up to 10% of staking rewards to public goods, potentially costing Bitmine $50–100 million annually on its 4.72 million ETH stake, which generates $258 million in projected net revenue. The mechanism remains a discussion-stage forum post without EIP status.
1. Tax Proposal Overview
Clément Lesaege’s “Validator Redirected Revenue” forum proposal allows each Ethereum validator to signal a redirection rate between 0% and 10% of staking rewards to public goods. If more than 50% of total staked ETH signals above zero, a single rate is selected and enforced on all validators, directing yields into an allocation smart contract.
2. Bitmine’s Revenue Exposure
Bitmine has staked 4.72 million ETH via its MAVAN platform—87% of its total holdings—at a 2.73% annualized yield. This generates projected gross rewards of $296 million and net staking revenue of $258 million, putting $50–100 million of annual income at risk if a maximum 10% redirection is enacted.
3. Implementation Status
The proposal remains at the discussion stage with no Ethereum Improvement Proposal number assigned. Further feedback, technical work and majority validator signaling are required before any protocol-level change can take effect.
