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Ethereum Miners Profit Surpasses Bitcoin by $224M in April

 


Bitcoin miners lost out on mining profitability in April. Ethereum miners made $224 million more in revenue.


April was a difficult month for bitcoin miners. According to research by Be[In] Crypto , BTC miners generated around $1.16 billion in revenue in the fourth month of 2022.

Bitcoin miner revenue in April was down $44 million from the March 2022 figure (about $1.21 billion).


Bitcoin 's overall profitability is down 31% over the past year from April 2021. The turnover was only 1.7 billion US dollars. The daily high in April was 3% lower than the best day in March. The daily high in March 2022 was in the region of $47.54 million, according to data from YCharts. In April, the daily high of $46.01 million was 23% lower than January's best day of $60.16 million.


Ethereum Surpasses Bitcoin Mining Revenue for Fourth Month in a Row

While Bitcoin miners generated $1.16 billion in revenue in April, Ethereum miners generated around $1.39 billion. Unlike Bitcoin , Ethereum sales are up 3% since March.


In March 2022, total revenue from Ethereum mining was $1.34 billion. Ethereum mining also saw a year-on-year decline in April. In April 2021, Ethereum generated around $1.68 billion in revenue. In 2022, the numbers dropped by 17%.


In May, the most popular and largest digital asset by market cap continues to be bitcoin . However, Ethereum generated more revenue for miners in 2022. Before Ethereum overtook Bitcoin in mining revenue in April, ETH outperformed BTC by $130 million in March, $190 million in February, and $260 million in January 2022.


How did the different mining sales come about?

To understand the differences in mining revenue, we should first understand that the main factors in calculating mining revenue are the cryptocurrency price and the number of coins earned over the period.


Ethereum mining revenue has been up since March 2022 as the price stayed between $3,000 and $4,000 per coin most days in April . In March, on the other hand, Ethereum was trading in the $2,900 to $3,400 per coin range.


On the other hand, Bitcoin traded in the $37,000 to $44,000 per coin range for most of April. In March, on the other hand, the range was between $43,000 and $48,000.



From the factors used to calculate mining revenue, we can conclude that Ethereum miners' revenue exceeded Bitcoin 's because the total number of coins earned was multiplied by a relatively higher ETH price than BTC in April 2022 .

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