Bitcoin Miners Now Gain More Revenue Than Ethereum Miners?

Bitcoin Miners Now Gain More Revenue Than Ethereum Miners?

According to data, bitcoin miners are doing better than their ETH rivals. This was made clear by the shrinking distance over the past few months, during which time Ethereum miners had only just managed to maintain their lead. This would go on until June, a month of uncertainty for everyone working in cryptocurrencies, and as a result, the decrease in price has hurt the profitability of ETH mining.

The total revenue earned by bitcoin miners for the previous month was $656.47 million, compared to $549.58 million for Ethereum for the same period. This demonstrates that for the month of June, Bitcoin miners outperformed Ethereum miners by more than $100 million.

Given that Ethereum revenues had actually outperformed those of bitcoin during the previous month by around $100 million and that greater margins had been seen for months prior, this outcome was startling. Thus, the change has turned our expectations for mining profitability on its head.

Although Ethereum had eclipsed bitcoin in terms of mining income for the month of June, the numbers for both digital currencies point to a deeper issue. Although the profits from mining efforts have remained relatively constant in terms of currency volume, they have dramatically decreased in terms of dollars due to the market-wide price reduction.

The reward for mining a single bitcoin block peaked at 6.25 BTC. At a cost of $69,000 per bitcoin, this equaled to $431,250. Currently, mining a single bitcoin block would net the miner a total of around $120,000, a decline in profitability of more than 60%.

As a result, miner income have already reached their lowest level in over two years. Prior to the historic bull runs of 2021, the last time statistics were this low was in December of 2020.

The same thing happened to Ethereum, thus it has not been spared. Data indicates that December 2020 was also the last time the cryptocurrency delivered such low mining income. This demonstrates that despite the fact that digital assets may fight aggressively for mining revenue, their development and decrease continue to show comparable patterns.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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