March Bitcoin miner.. According to Be[In]According to Crypto Research, miners were able to generate approximately $ 1.21 billion in revenue in March 2022.
Given the demand for Bitcoin, this number seems low, so Bitcoin’s total mining revenue increased from February 2022. Total revenue in March increased 14% to about $ 150 million.
The total profitability of Bitcoin mining over the past year has decreased by 30% from March 2021 to record revenue of $ 1.75 billion.
Bitcoin mining earnings increased in March, but the highest earnings on the 1st of March 2022 were 4% lower than the highest on the highest day of February. According to YCharts data, the highest price for February 1st was $ 50.05 million.
That said, the March 1 high ($ 47.54 million) was more than 20% lower than the January 2022 high of $ 60.16 million.
Ethereum continues to outperform Bitcoin mining
Bitcoin miners managed $ 1.21 billion in March revenue, while Ethereum miners generated $ 1.34 billion. Following the Bitcoin pattern, Ethereum’s revenue surged 7% from February.
In February 2022, Ethereum mining generated a total revenue of $ 1.25 billion. Ethereum mining also decreased monthly in March compared to the previous year. Revenues in March 2021 were $ 1.41 billion, but the 2022 figures were down 4%.
Miners still prefer Ethereum in March 2022
As of April 2022, Bitcoin remains the largest digital asset by market capitalization. However, when it comes to mining income, Ethereum is the only asset that brings more income to miners.
Before Ethereum surpassed Bitcoin in March 2022, Ethereum’s revenue exceeded Bitcoin by 17% in February 2022. In addition, Ethereum’s mining revenue exceeded Bitcoin by 20% in January 2022, 32% in December 2021 and 65% in May 2021.
What is the cause of the increase in mining income?
To understand the increase in mining income, we need to understand the factors that help us calculate mining income. To calculate mining revenue, you need to consider the price of coins and the number of coins you earned in March (ETH and BTC in this case).
Usually, in bull markets, the price of coins is soaring, which tends to increase mining income. On the other hand, if there is negative crypto market sentiment, mining returns will decline with the price of the asset.
The market recovery towards the end of March, supported by rising demand for Bitcoin and Ethereum, is believed to be a major driver of the rise in mining revenues in March.
Ethereum opened on March 1st with a trading price of $ 2,919.78. Native wealth in the Ethereum ecosystem reached a monthly high of $ 3,470.19 on March 29, ending the month by exchanging hands for $ 3,281.64. Overall, ETH surged about 18%.
In addition to this, trading volume in February increased by 4%. February trading volume was about $ 416 billion, while March trading volume was about $ 436 billion. This helps explain the rise in ETH prices on the last day of March 2022.
Bitcoin has been trading for $ 43,194.50 since March 1st. BTC reached a monthly high of $ 48,022.29, trading at $ 45,538.68, up 11% and ending March 31st.
Bitcoin trading volume surged further in March. After a 27% plunge from $ 923 billion in January in February, Bitcoin’s volume surged 23% from February to March to a trading volume of $ 830 billion.
Inferring from the factors used in the calculation of mining revenue, we can conclude that the main factor for the increase in mining revenue in March 2022 is due to the rise in digital asset prices.
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