Ethereum miner revenue surpasses Bitcoin’s for third month in a row

Syed AhadWeb Editor

02nd Aug, 2021. 08:52 pm
Ethereum

For the third month in a row, Ethereum miners have made more money than Bitcoin miners, the longest streak in history.

Ethereum miners made $1.03 billion in revenue in July, according to The Block’s Data Dashboard, a minor decrease from the previous month.

Bitcoin miners, for their part, earned $971.8 million in July, up over $100 million from June.

While transaction fees have remained a reliable source of revenue for Ethereum miners, this cannot be true for Bitcoin miners. Last month, transaction fees accounted for only 3.1 percent of Bitcoin mining revenue.

Mining revenue is a monetary estimate of the earnings generated by blockchain miners. It’s determined by multiplying each block’s current mining rewards plus transaction fees by the asset’s price for the month. It excludes costs such as power, other operating expenses, and taxes paid by miners.

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