5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-10 | Selina Mathew
After a year-over-year decline in mining profitability for both digital currencies, Bitcoin miners have been pushed back to their seats as Ethereum miners have consistently outperformed them in mining income, leaving a $224 million disparity in April 2022.
This month was not very fruitful for Bitcoin miners, with only $1.16 billion generated. This result is notable for being $44 million lower than the previous month's Bitcoin mining income. The previous month brought in $1.7 billion in revenue.
Between April 2021 and now, the overall profitability of bitcoin miners has decreased by 31%. During that period, revenue totaled $1.7 billion.
In 2022, Ethereum becomes the preferred cryptocurrency for miners.
Although Bitcoin is the largest and most popular digital currency, miners have shifted their focus to Ethereum, which is expected to earn a larger revenue in 2022.
Ethereum has previously outperformed Bitcoin in terms of mining income, with $260 million in January, $190 million in February, and $130 million in March 2022.
To understand why the mining earnings of two digital assets differ, first realize that mining revenue is computed based on the value of the cryptocurrency and generated coins during a specified time period.
Ethereum mining revenue most likely grew in March 2022, trading between $3,000 and $4,000 through the end of April.
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