Over the recent months, the profitability of Bitcoin mining has reduced in comparison to that of Ethereum. For almost a year, the top altcoin was consistently able to outperform Bitcoin. However, now the returns from mining are again leading the way once more.
Bitcoin Miners Again In the Lead
According to the latest data, in comparison to ETH miners, its Bitcoin counterparts have experienced recovery. The recovery continued in the month of June, an unfortunate month for the crypto enthusiasts, too, since the profitability of ETH Mining has also faced the wrath of the hard cold weather in the crypto industry.
$656.47 million is the total amount generated by Bitcoin miners in the last month, while for the same period, the numbers for Ethereum recorded to be a total of $549.58 million, showing that the Bitcoin miners have outperformed their Ethereum counterparts by over $100 million in June.
Considering that Ethereum revenues were actually ahead of Bitcoin by roughly $100 million while large margins were recorded for months before that, this development came as a shock.
Revenues For BTC, Ethereum Reach 2-Year Lows
In addition to showing that the leading cryptocurrency surpassed Ethereum in terms of monthly mining revenue, the figures also point toward a bigger problem. The returns from mining activities have dramatically decreased dollar-wise; however, they are the same coin volume-wise because of the decline in price.
6.25 BTC was the reward for mining a single bitcoin block at its peak. If roughly translated, it was around $431,250 when BTC was trading at a price of $69,000. However, now the miner will now get around $120,000 on mining a single Bitcoin block, showing over a 60% decline in profitability.
The miner revenues today are at their two-year lowest. December 2020 was the last time when the figures were this low, which was just before the historic bull runs of 2021.
Ethereum, too experienced a similar fall. For the altcoin, too, December 2020 was the last time such low data was recorded. This shows that the crypto assets might compete with each other in terms of revenue, but their individual growth continues to follow a similar pattern.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
