Ethereum miners continue to outpace Bitcoin miner revenue
Ethereum miners continue to overtake Bitcoin miners in revenue. The second-largest cryptocurrency by market cap has now proven to be a better bet when it comes to crypto mining, making it a more profitable venture for miners. On several occasions in the past, this has been the case and in the month of March it became even more important given the gap recorded between the revenue generated by ETH miners and that generated by Bitcoin miners.
Ethereum miners take the cake
March turned out to be a great month for Ethereum in terms of mining. Even with EIP-1559 changing the way miners are rewarded on the network, it hasn’t slowed down revenue generated by miners. This figure was $1.34 billion for the month of March. It had grown significantly from the previous month, recording a 7% increase from the second month of 2022, which had total revenue of $1.25 billion.
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On the other hand, bitcoin miners only saw a total of $1.21 in revenue generated from their mining activities. Similar to Ethereum, the number had increased from what was recorded in February this year. It was up about $150 million from its February numbers, an increase of 14%. However, it was still not enough to achieve what its fiercest competitor brought.
ETH price declines to low $3,000s | Source: ETHUSD on TradingView.com
This continues a long trend of Ethereum outperforming mining revenue. Over the past three months, the second-largest cryptocurrency has outpaced bitcoin revenue by up to 20%, which was recorded in January and 17% in February. For March, this number continued to decline but remains far ahead of Bitcoin with only a 10% outperformance from Ethereum.
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However, that’s not all outperformance for Ethereum on this front, looking at the yearly charts shows that Ethereum had underperformed compared to last year. Miners had seen 4% less revenue in March 2022 than they recorded in March 2021. Nonetheless, ETH mining still remains the preferable mining activity for farmers who see more farm revenue .
The recent increase in ETH prices, however, has contributed to this dollar figure. The digital asset had rallied towards the end of March and had risen above $3,000. This, combined with the number of ETH coins mined, has seen mining revenues increase rapidly.
Ethereum is currently trading at $3,022 at the time of this writing. It is down more than 10% from its March high of $3,480.
Featured image from CryptoSlate, chart from TradingView.com