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BTC Miner Revenues Surpassed Ethereum For The First Time In 2022

Stefan by Stefan
06/07/2022
in Bitcoin News
Reading Time: 2 mins read
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BTC Network Difficulty Drops, network, hash rate, bitcoin
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The BTC miner revenues surpassed Ethereum for the first time this year in terms of net revenues but both exude similar patterns in declining profitability so let’s have a closer look at today’s latest Bitcoin news.

For the first time in a year, the BTC miner revenues surpassed those of ETH in June but both digital assets shwoed dwindling profit margins that happened due to the prevailing crypto winter. Bitcoin miners generated $656 million according to a July 5 report by Binance. In the meantime, the Ethereum miners brought in $548 million in the same timeframe which is over $100 million less than the BTC counterparties. The flipping was major because other than not happening in a year, the ETH miners were ahead of the BTC miners by $100 million a month earlier. The margin was even bigger in the months before May.

Based on the reports, there has been a close gap between the mining revenues in the past few months, and ETH which once led in terms of profitability was barely retaining the position as BTC miners’ revenues reached their levels. Then came June where amidst all of the uncertainty and the pressure on the market, BTC became more rewarding than ether. Even then, both of the digital assets were between a rock and a hard place in the recent time and the yield is proportional to the prices of the cryptos they mine. This means that their income was slashed dramatically in the face of the market downturn.

BTC Miner Greenidge, permit, power, new york, texas, miners

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To put this into context,  mining a single BTC block gives the miners 6.25 BTC during Bitcoin’s November high of $69K which was equivalent to $431,250. the figure is down by 60% now and BTC trades around $20K. miners are taking a two-year low since BTC traded at this price in December and the ETH miners suffered a similar fate when ETH Dropped below $1000, Binance noted:

“Due to the decline in price across the market, the returns from mining activities, although the same coin volume-wise, have declined significantly dollar-wise.”

Due to the decline in earnings, the miners were forced to sell their machines and the outputs or look for other ways for income sources. A few sought solace in traditional finance like debt and equity markets. On top of the issues, the miners in Washington have higher power bills but those in Kazakhstan are taxed.

 

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: Bitcoin Miningbtc miner revenuesbtc miningbtc mining revenuesurpass ethereum
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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