For four consecutive months in a row in 2022, revenue from Ethereum mining has topped that of Bitcoin mining. In April 2022, mining income for both virtual currencies decreased year after year. While Ethereum reached a revenue of $1.39B in April, Bitcoin only achieved $1.16B in revenue.
In April, ETH Miner Revenue Exceeded BTC by $224M
The mining profitability of BTC miners suffered a setback in April, as ETH miners generated $224M more profit than BTC miners.April remained a challenging one for Bitcoin miners. As per Be[In] Crypto Research, BTC miners made about $1.16B in profit from January to April.
In April, the money generated by BTC miners was $44M less than the revenue generated in March 2022, which was roughly $1.21B. Compared to April 2021, when $1.7B in income was reported, Bitcoin’s overall profitability has decreased by 31% over the previous year.
Ethereum Mining Income Outpaces That Of Bitcoin For The Fourth Time
While BTC miners made $1.16B in income in April, ETH miners produced around $1.39B in revenue. In contrast to Bitcoin, Ethereum’s income climbed by 3% from March to April.
Ethereum mining generated over $1.34B in income in March. The mining of Ethereum had a monthly decline in April when compared to the same month the previous year. Last year April produced about $1.68B in sales, but April this year had a 17% decline in revenue.
Ethereum Remains The Preferred Cryptocurrency Among Miners
According to data from May, the most prominent and biggest virtual currency in terms of market value is still Bitcoin. However, Ethereum has generated more income for miners this year. In March, ETH exceeded Bitcoin’s mining income by $130M, $190M in February, and $260M in January.
Understanding the discrepancies in mining income begins with an understanding that among the most important aspects in determining mining revenue are the crypto’s price and the number of coins generated during a specific time.
After March, Ethereum mining income has surged as a result of the currency’s price fluctuating between $3k and $4k per coin throughout April. Ethereum traded between $2.9k and $3.4k in March.
Bitcoin fluctuated in a range between $37k and $44k per coin throughout April, according to CoinMarketCap. In March, Bitcoin traded between $43k and $48k.
Considering the criteria used to compute mining income, we can assume that Ethereum’s revenue exceeded that of Bitcoin because the overall amount of coins generated was multiplied by a substantially higher Ethereum price than the Bitcoin price in April.