The daily income of ETH miners has soared by 60% in a month according to the data by the Ethereum mining pool, Sparkpool. In our latest ETH news, we take a closer look at the report.
The surge in daily profit from the Ethereum mining surge surpassed ETH’s price jump of more than 40% over the same time frame as the profitability increase came thanks to the soaring transaction fees on the network as well as the really slow growth in competition from other miners.
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Sparkpool’s data shows that the daily income of ETH miners was around $1.85 per 100 mega hashes per second on June 27. In a month period of time, this level increased by 60% and reached a high of $3.27 and this metric has since dropped back to around $3. During the same period of time, Ether’s price went up by nearly 40% from $229 to $327 at the time of writing which is the highest price point for more than a year.
The transaction fees on the network which represent the miner’s daily revenue, reached a two year high as the hype around the decentralized finance brought an increase in network activities. However, the total computing power competing on the second-largest blockchain network by market cap remained standing at 190 petahashes per second according to Etherscan. The data from Bitinfocharts indicates that the daily mining revenue on ETH remained below the $2 per 100 MH/s during the first quarter of the year and decreased to $1 per 100 MH/s after the March crypto market crash. In the four months since the daily mining revenue almost tripled.
Some of the mining equipment such as the Innosilicon A10 Pro with a computing power of 485 mega hashes per second, generates $12.92 in daily revenue at Ethereum’s current price and mining difficulty. With the electricity cost of $0.03 per kilowatt, the A10 Pro machine can bring a net profit of about $12. Profit at that level surpasses some top-of-the-line BTC miners by more than 100% but Bitcoin’s price jumped as well to $10,000 over the weekend which is a first-time movement since June.
The sudden price increase came weeks after the low price volatility was keeping the price stuck between $9000 and $9500. However, Bitcoin’s mining difficulty is still around its all-time even the most efficient BTC miners such as WhatsMiner, MicroBTC, and Bitmain’s AntMiner S19 pro that generate daily revenues of $9 per unit.
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