Ethereum Miners Continue To Surpass Bitcoin Miners In Revenue
Ethereum miners continue to outpace bitcoin miners in terms of revenue. The second-largest cryptocurrency by market cap has now proven that it is a better bet when it comes to crypto mining, making it a more profitable venture for miners. At various times in the past, this has been the case and in the month of March, it became even more prominent given the gap recorded between the revenue brought in by ETH miners versus those brought in by Bitcoin miners.
Ethereum Miners Take The Cake
March has proven to be a great month for Ethereum in terms of mining. Even with the EIP-1559 changing the way miners are rewarded on the network, it has not slowed down the revenue generated by miners. This number came out to a whopping $1.34 billion for the month of March. It had grown drastically from the previous month, recording as high as 7% an increase from the second month of 2022, which had total revenue of $1.25 billion.
On the flip side of this, bitcoin miners only saw a total of $1.21 in revenue generated from their mining activities. Similar to Ethereum, the number had grown from what was recorded in February of this year. It grew about $150 million from its February numbers, coming out to a 14% increase. However, it was still not enough to reach what its fiercest competitor brought in.
ETH price declines to low $3,000s | Source: ETHUSD on TradingView.com
This continues a long trend of outperformance by Ethereum when it comes to mining revenue. In the past three months, the second-largest cryptocurrency has outpaced the revenue of bitcoin up to 20%, which was recorded in January and 17% in February. For March, this number continued to fall but remains way ahead of Bitcoin with only a 10% outperformance on the part of Ethereum.
However, it is 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 had recorded in March 2021. Nevertheless, ETH mining still remains the preferable mining activity for farmers who are recording farm more revenue.
The recent price increase for ETH has contributed to this dollar figure though. The digital asset had rallied towards the end of March and had broken above the $3,000. This combined with the number of ETH coins mined saw mining revenue grow 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