Ethereum surpasses bitcoin again in July in terms of mining profitability

The total mining revenue decreased over the year by 46% and 40%, respectively

02.08.2022 - 13:45

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What’s new? Ethereum miners surpassed bitcoin miners again in July, with total cryptocurrency mining revenues of $596,33 million and $574,89 million for the month, respectively. In June, BTC surpassed ETH in terms of mining revenue for the first time in 2022.

The situation with miners' revenue. During July, BTC miners' revenue fell 13% from June's figures ($667.94 million). Total bitcoin mining revenue over the past year is also down 40% from July 2021, when about $971.83 million in revenue was recorded.

Source: Ycharts.com

ETH mining revenue was up 8% from June's figures. In June 2022, total revenue from Ethereum mining was $549,58 million. In July 2021, total revenue was about $1,11 billion, and in 2022, that figure was down 46%.

Source: Theblockcrypto.com

What caused the drop in revenue? Miners' earnings are calculated by multiplying the total number of coins earned as rewards in July by the price of the coins. The reason for the drop in revenue was the decline in the market prices of digital assets. Ethereum was trading between $1034 and $1760 during July. During the same period in 2021, the price of the asset fluctuated between $1722-$2 551.

During July, bitcoin was trading in a price range between $18 967-$24 573. In July 2021, miners gained more revenue as the value of BTC ranged from $29 361 to $42 236.

As of August 2 at 13:30 UTC, ETH is trading at $1581, down 3,6% in 24 hours; BTC is at $22 856, down 0,7%, according to Binance.

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