Bitcoin Miner revenues surpass Ethereum by more than $ 100 million; Both crash to 2022-lower
Bitcoin and Ethereum miners saw a further decline in revenue as bears from May continued throughout June, leading to falling prices for both cryptocurrencies.
June turned out to be the worst month for Ethereum miners in 2022. According to Be[In]Crypto Research, ETH miners were able to generate around $ 549.58 million in revenue in the sixth month of this year.
Ethereum miners’ revenue for June was down $ 460.42 million from May 2022 to $ 1.01 billion.
The overall profitability of Ethereum over the past year has also declined by 51% since June 2021, providing $ 1.14 billion in registered revenue.
Bitcoin surpasses Ethereum’s mining revenues
Bitcoin surpassed Ethereum’s mining revenues for the first time since December 2020. In the last month of 2020, Bitcoin miners’ revenues were approximately $ 692.32 million while Ethereum’s were in the region of $ 380.88 million.
While Ethereum miners generated $ 549.58 million in revenue in June, Bitcoin miners generated about $ 667.94 million.
Like Ethereum, Bitcoin’s revenue fell by 26% from May. In May 2022, Bitcoin mining generated total revenue of $ 906.19 million. Bitcoin mining also saw a monthly decline from year to year in June. In June 2021, around $ 839.09 million in revenue was generated, while the figure in 2022 fell by 20%.
Miners moved from Ethereum in June 2022
Despite the fact that the total market value of the cryptocurrency area lost more than 1.3 trillion dollars in the first half of the year, Ethereum is still the second largest cryptocurrency measured in market value.
That said, miners earned more on Bitcoin than Ethereum to end the second quarter of 2022.
Overall, Bitcoin miners’ revenue surpassed Ethereum by $ 118.36 million.
Except for June, Ethereum miners had the bulk of the revenue in the first five months of the year.
In January, the ETH BTC surpassed $ 260 million. Due to the geopolitical events that arose from Russia’s invasion of Ukraine, mining revenues fell, but ETH still surpassed BTC by $ 190 million. ETH miners shared $ 130 million more in revenue than BTC miners in March. In April and May, ETH miners earned $ 230 million and $ 103 million more than BTC miners, respectively.
What caused the drop in mining revenues?
To understand the decline in mining revenues, we should consider how mining revenues are calculated.
Miners’ income is calculated by multiplying the total number of coins earned by contributing to the validation of transactions with the price of coins (in this case BTC and ETH) within a given period.
With this in mind, we can conclude that the sharp decline in the prices of digital assets can be credited as the reason for the fall in mining revenues.
Throughout June, Ethereum traded between $ 896.11 and $ 1,965. When we compare this with June 2021, Ethereum traded in the price range between $ 1,707 and $ 2,891.
In June, Bitcoin traded in the price range between $ 17,708 and $ 31,957. In June 2021, miners earned more revenue while BTC traded between $ 28,893 and $ 41,295.
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