ETH miners more profitable than BTC miners
This change was noted in a report from the analysis firm Arcane Research. So far, ETH miners have made $ 17 billion in 2021. For BTC miners, the sum is $ 13.6 billion.
If we observe the progression, we note that the trend started in the summer of 2021:
Daily income of ETH and BTC miners – Source: Arcane Research
This corresponds to the moment when non-fungible tokens (NFT) and decentralized finance (DeFi) came to the fore. The Ethereum network thus began to be used more.
👉 Read About It – Ethereum (ETH) Traded $ 536 Billion In Q3
Particularly high transaction fees on Ethereum
All of this has skyrocketed Ethereum transaction fees, which have hit record after record during the year. And if it made the misfortune of users tired of paying fortunes for simple transfers, it made minors happy. According to Arcane Research:
“The activity on Ethereum has been high all year round, and has grown recently, which has caused a huge increase in revenue. [des mineurs d’ETH]. “
Unlike ETH miners, BTC miners rely very little on transaction fees for their income. They only represent 1% of the latter. But half of their Ethereum colleagues’ income comes from transaction fees:
Percentage of revenue from transaction fees – Source: Arcane Research
The consequence of this state of affairs is of course also that the income generated by miners fluctuates more on Ethereum than on Bitcoin, given the significant variability of transaction fees. Arcane Research thus indicates that the “volatility” of miners’ income is set at 28% for BTC, against 47% for ETH.
In any case, this is the first year that ETH miners have emerged as winners, and it shows the extent of the Ethereum network … And the considerable problem of transaction fees. Ethereum version 2.0 should however reshuffle the cards again.
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.