Bitcoin beats Ethereum in mining revenues for the first time in a year
The profit for BTC mining amounted to $656,47 million
05.07.2022 - 16:30
470
2 min
0
What’s new? According to a report from cryptocurrency exchange Binance, bitcoin surpassed Ethereum in June in terms of mining profitability for the first time in a year. Profits from BTC mining totaled $656,47 million, while ETH miners earned $548,58 million. Experts noted a narrowing of the gap between the two crypto assets' mining profits over the previous two months.
What does the report say? Analysts note that miners' earnings are directly proportional to the rates of the cryptocurrencies being mined. This means that their earnings have fallen significantly in the prevailing downturn in the digital asset market.
For comparison, mining one block of bitcoin brings a miner 6,25 BTC. In November 2021, when the asset hit an all-time high (ATH) of over $69 000, the reward per block was $431 250. Now, with the asset trading at $19 000, the figure is down 60% to about $120 000. Binance stressed:
“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.”
The decline in income forced miners to either sell their equipment and mined coins, or look for alternative sources of income. According to Arcane Research, in May, many of them sold not only 100% of mined coins, but also assets from reserves.
As of July 5, 15:00 UTC, BTC is trading at $19 453, down 0,67% overnight. ETN is trading at $1089, up 0,2%, according to Binance.
Miners transferred 195 663 BTC to cryptocurrency exchanges in May, the largest monthly inflow since January 2022. Based on the average bitcoin price in May ($32 000), the total value of assets transferred to the platforms was about $6,3 billion.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 160
BTC
+0.67%
-
Ethereum
$3 285.95
ETH
-2.21%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.45
XRP
+21.76%
-
Dogecoin
$0.400274
DOGE
+3.05%
-
Cardano
$0.980675
ADA
+23.5%
-
Stellar XLM
$0.334107
XLM
+36.71%
-
Bitcoin Cash
$488.5
BCH
+0.38%
-
Polkadot
$6.33
DOT
+7.98%
-
Litecoin
$90.56
LTC
+1.87%