After the blow of the mining ban in China, Bitcoin network (BTC) miners are starting to come back in force everywhere else (especially in Canada and the United States). But Ether (ETH) miners did not wait and continued to generate huge revenues.
BTC miners’ income finally picks up in July
Bitcoin miners have not been celebrating since last May, with the significant drop in the BTC price and especially with the real witch-hunt that the Chinese government has conducted to crypto mining farms.
As these metrics from The Block show, after an all-time high of $1.75 billion in total revenue generated in March 2021 (block rewards + transaction fees), May and June were down ($839 million for the latter).
July, on the other hand, marks a first re-increase in BTC miners’ revenues and even just missed the symbolic $1 billion threshold: $972 million. It should be noted, however, that revenues from transaction fees have completely collapsed. However, this collapse is a good thing for the users of the network.
Ethereum outperforms Bitcoin
On the side of the network founded by Vitalik Buterin, miners are going full steam ahead. This is the third month in a row that their earnings have surpassed those of their peers on Bitcoin. In this camp, the highest historical revenue occurred in May 2021, with $2.4 billion in total, including more than $1 billion alone in transaction fees.
Although the June and July revenues of Ether miners remained higher than those of Bitcoin, they also marked a sharp decline: $1.13 and $1.08 billion respectively. Again, the proportion of transaction fees in this revenue has dropped significantly – but still less than on the Bitcoin network.
Challenger Ethereum is starting to challenge the king of cryptocurrencies in more and more areas, even though its valuation is still far from Bitcoin’s. On the side of the ethers miners, the party may very soon be partly spoiled, because not to mention the passage in proof of stake (PoS) scheduled for the end of the year, the London hard fork that is to take place today could significantly reduce their income.
