Why has daily income from ETH mining grown?
Those responsible for ETH mining recently began to see a massive increase in daily income, which skyrocketed 60% in a single month. The pending growth even exceeded the 40% token price increase that occurred during the same period.
As far as is known, the daily income of Ethereum miners used to stay at $ 1.85 per 100 MH / s. At least, that was the situation at the end of June. However, in the following month, great growth started to occur.
The change it was particularly easy to see in the past two weeks. In total, revenue increased 60%, reaching $ 3.27 on July 25. In the past two days the metric has undergone a correction, returning to $ 3 per 100 MH / s.
Experts believe the growth in mining profitability was due to rising transaction rates within the network. At the same time, other miners began to arrive, increasing competition.
As mentioned, Ethereum also saw significant price growth last month. On the same day, June 27, the coin’s price was $ 229. However, at the time of this writing, it is almost $ 100 higher, at $ 327.
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Ethereum miners are making a bigger profit than BTC miners
The main reason for the increase in revenue is transaction fees, which create the daily profits of miners. Rates have reached a two-year high, mainly since the DeFi industry began to gain popularity.
Recent data also indicated that Ethereum’s daily mining revenue underwent some changes in 2020. Before the market collapsed in mid-March, it was below $ 2. Immediately after the accident, it dropped to just $ 1 per 100 MH / s. However, in the months after the fall, it tripled to $ 3 and above, as mentioned earlier.
The data also indicates that daily mining revenue exceeds that of Bitcoin. However, BTC’s mining difficulty is still very close to ATH, which results in daily revenue of $ 9 per unit, as opposed to Ethereum’s $ 12.92.
After including the cost of electricity in the calculations, Ethereum miners still have almost $ 12, while Bitcoin’s profits drop to $ 6.50.