Ethereum Miners Surpass Bitcoin Miner Revenue By $224M
09 Maio 2022 - 6:00PM
NEWSBTC
After the continuous sink in the mining profitability of both
digital assets year-on-year, Bitcoin miners have been set back to
seats as Ethereum miners consecutively surpassed them in mining
revenue and recorded a gap of $224 million in April 2022. This
month was not so good for Bitcoin miners as they were able to
generate around $1.16 billion only. Notably, this figure is down by
$44 million from the previous month’s mining revenue of Bitcoin.
The last month saw $1.7 billion in recorded income. Related Reading
| TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K
Bitcoin miners’ total profitability was down by 31% from April 2021
to the present. In that time, $1.7 billion in revenue was recorded.
Similarly, the single-day high of BTC mining revenue in April was
3% low than the peak value of March. As per YCharts, the best-day
high in March 2022 lasted at around $47.54 million and $46.01
million in April. And it dropped 23% from the best-day high of
January, which saw $60.16 million. Unlike Bitcoin, Ethereum mining
revenue in April increased by 3% generating $1.39 billion. While
Bitcoin, at the same time, recorded $1.16 billion in mining
revenue. Still, the Ethereum mining revenue has decreased yearly
from its previous marks recorded till April. The mining revenue of
Ethereum in April 2022 is 17% below the previous year’s mining
income of April 2021. Last year it was around $1.68 billion.
Ethereum Becomes Preferred Choice Of Miners In 2022 Although
Bitcoin stands as the largest and most popular digital asset,
Ethereum has become the most preferred choice of the miners seeing
a higher income generated in 2022. It was not the first time
Ethereum outpaced Bitcoin in mining revenue; it surpassed BTC
mining by $260 million in January, $190 million in February, and
$130 million in March 2022. To understand the reason behind
disparities in the mining incomes of two digital assets, first, it
needs to consider the fact that mining revenue is calculated per
the value of cryptocurrency and earned coins within a specific
timeframe. Likely, Ethereum mining revenue increased in March 2022
and traded between $3,000 to $4,000 until most of April. And it
traded in the range of $2,900 and $3,400 in March. On the other
side, the Bitcoin price in April traded between $37,000 and
$44,000. And in March, it had a higher trading value ranging from
$43,000 to $48,000. Related Reading | Bitcoin Price Plummets To
Lowest Point In 2022, Will $33,000 Hold? Crypto mining is the
process of verifying and adding new transactions to the blockchain
for a cryptocurrency. The miner who wins the competition gets
rewards with some amount of the currency and/or transaction fees.
Featured image from Pixabay and chart from TradingView.com
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