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Bitcoin mining profits have been declining compared to etherium in recent months. Ethereum miners have consistently surpassed Bitcoin for almost a year. This is so far when the return from Bitcoin mining has once again led.
Bitcoin miners lead
Data shows that bitcoin miners are recovering compared to their ETH counterparts. This has become evident in the closing intervals of the last few months where the Etherium miners have rarely been able to stay ahead. This will continue until June, an uncertain month for those involved in cryptocurrency, and it has, by extension, affected ETH mining profits due to price declines.
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Last month, the total amount generated by Bitcoin miners came to 656.47 million, compared to Ethereum’s total of $ 549.58 million for the same period. It shows that bitcoin miners have surpassed their Etherium counterpart by more than $ 100 million for the month of June.
BTC miner revenue surpasses ETH | Source: The Block
This was a startling development because Etherium’s revenue was actually about $ 100 million ahead of Bitcoin for the previous month, and had recorded large margins over the past few months. So the change has turned the expectation of mining profits in their heads.
Revenue falls to a 2-year low
Although Bitcoin has surpassed Ethereum in terms of monthly mining revenue in June, the figures recorded for both digital assets point to an even bigger problem. Due to price declines across the market, income from mining activities, although in terms of the volume of the same currency, has declined significantly on a dollar basis.
At the highest time, the reward for mining a single bitcoin block was 6.25 BTC. This translates to about $ 431,250 at বি 69,000 per BTC. Currently, mining a single bitcoin block will earn miners about $ 120,000, which represents a more than 60% reduction in profitability.
BTC recovers above $19,000 | Source: BTCUSD on TradingView.com
As of this, mining revenues have now fallen to their lowest level in nearly two years. The last time this figure was low was in December 2020, just before the 2021 Epic Bull Run.
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Etherium was not spared because it suffered the same consequences. The data shows that the last time altcoin returned so little mining revenue was in December 2020. It shows that while digital assets can be fiercely competitive in mining revenues, their rise and fall follow similar patterns.
Featured image from Investopedia, chart from TradingView.com
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