- Recent data indicates that Ethereum miners’ daily income recently climbed up by 60%.
- During the same period, ETH price surged by approximately 40%.
- The reason behind the daily profit increase is the growth of transaction fees.
Ethereum miners have recently started seeing a massive surge in daily income, which skyrocketed by 60% within a single month. The outstanding growth even exceeded the token’s 40% price increase that took place during the same period.
Why did ETH mining profits grow?
According to what is known, Ethereum miners’ daily income used to sit at $1.85 per 100 MH/s. At least, this was the situation in late June. However, over the following month, large growth started taking place.
The change was particularly easy to see over the last two weeks. In total, the income increased by 60%, rising to $3.27 by July 25th, In the last two days, the metric saw a bit of a correction, going back down to $3 per 100 MH/s.
Experts believe that the growth in the profitability of mining came due to the growing transaction fees within the network. At the same time, other miners started arriving, thus making greater competition.
As mentioned, Ethereum also saw significant price growth over the past month. On the same day, June 27th, the coin’s price was $229. However, at the time of writing, it is nearly $100 higher, sitting at $327.
Ethereum miners are making a larger profit than BTC miners
As mentioned, the reason for the increase in income is transaction fees, which create the miners’ daily profits. The fees have reached their two-year high, particularly since the DeFi sector started gaining popularity.
Recent data has also indicated that Ethereum’s daily mining revenue saw quite a few changes in 2020. Before the market crash in mid-March, it was below $2. Immediately after the crash, it dropped to only $1 per 100 MH/s. However, in the months after the crash, it tripled to $3 and above, as mentioned earlier.
The data also indicates that the daily mining revenue exceeds that of Bitcoin. But, BTC mining difficulty is still quite close to its ATH, which results in daily revenue of $9 per unit, as opposed to Ethereum’s $12.92.
After including the electricity cost into the calculations, Ethereum miners are still left with almost $12, while Bitcoin profits drop to $6.50.
