Ethereum miners continue to outperform Bitcoin miners in revenue
Ethereum miners continue to outperform Bitcoin miners in terms of profits. The second largest cryptocurrency by market capitalization has proven to be a better bet when it comes to crypto mining, making it a more profitable venture for miners. This has been the case at various times in the past, and in March it became even more pronounced given the gap recorded between the revenue generated by the ETH miner and the revenue generated by the Bitcoin miner.
Ethereum miners take cake
March has proven to be a wonderful month for Ethereum from a mining perspective. Even if EIP-1559 changes the way miners are rewarded on the network, it will not slow down the revenue generated by the miners.How this number came out $ 1.34 billion in March.. It has grown significantly from the previous month, recording a 7% increase from February 2022, when total sales were $ 1.25 billion.
Behind the scenes, Bitcoin miners saw only a total of $ 1.21 in revenue generated from their mining activities. As with Ethereum, that number has increased from what was recorded in February of this year. It’s up about $ 150 million from February’s figures, up 14%. But still, it wasn’t enough to reach what the most fierce competitors brought.
ETH price declines to low $3,000s | Source: ETHUSD on TradingView.com
This continues the long trend of Ethereum outperformance when it comes to mining revenue. In the last three months, the second largest cryptocurrency has outperformed Bitcoin’s revenue by up to 20%. This was recorded in January and 17% in February. This number continued to decline during March, but far outperformed Bitcoin with only 10% outperformance on the Ethereum side.
However, not all Ethereum performance is excellent in this regard. Looking at the annual chart, we can see that Ethereum performed poorly compared to last year. Miners saw 4% less income in March 2022 than they recorded in March 2021. Nevertheless, ETH mining is still the preferred mining activity for farmers who are recording more income on their farms.
However, recent ETH price increases have contributed to this dollar figure. Digital assets recovered towards the end of March, surpassing $ 3,000. This, coupled with the number of mined ETH coins, led to a rapid increase in mining revenue.
At the time of this writing, Ethereum is currently trading for $ 3,022. It is down more than 10% from the March high of $ 3,480.
Featured image from CryptoSlate, chart from TradingView.com