Bitcoin miners took a backseat to mining profitability in April as Ethereum miners generated $224 million more in revenue than Bitcoin miners.
April proved to be a difficult month for bitcoin miners. According to Be[In]Crypto Research, BTC miners were able to generate around $1.16 billion in revenue in the fourth month of 2022.
Source: YCharts
Bitcoin miners’ revenue in April was down $44 million from the approximately $1.21 billion in March 2022.
Bitcoin’s overall profitability has declined 31% over the past year since April 2021, which saw $1.7 billion in revenue.
The daily high for April 2022 was 3% below the best daily high in March. The daily high for March 2022 was in the $47.54 million range, according to YCharts data. The daily high for April ($46.01 million) was 23% below the best daily high of January 2022 of $60.16 million.
Ethereum tops bitcoin mining revenue for fourth straight month
While Bitcoin miners generated $1.16 billion in revenue in April, Ethereum miners generated approximately $1.39 billion. Unlike Bitcoin, Ethereum’s earnings are up 3% from March.
Source: The Block Crypto
In March 2022, Ethereum mining generated total revenue of $1.34 billion. Ethereum mining also saw a monthly year-on-year decline in April. It generated around $1.68 billion in revenue in April 2021, while the figure in 2022 fell by 17%.
Miners still prefer Ethereum in April 2022
As of May 2022, the most popular and largest digital asset by market cap is still Bitcoin. With this in mind, Ethereum has brought more revenue to miners in 2022.
Before Ethereum outperformed Bitcoin in mining revenue in April, ETH outperformed BTC by $130 million in March, $190 million in February and $260 million in January 2022.
What caused the differences in mining earnings?
In order to understand the differences in mining earnings, we should understand that one of the main factors in calculating miner earnings is the price of a cryptocurrency and the number of coins earned within a given period.
Ethereum mining revenue increased from March 2022 as most days in April traded in the $3,000 to $4,000 per coin range. In March, Ethereum was trading in the $2,900 to $3,400 range.
ETH/USD chart by TradingView
On the other hand, Bitcoin traded in the $37,000 to $44,000 per coin range for most days in April. In March, Bitcoin was trading in the $43,000 to $48,000 range.
BTC/USD chart by TradingView
From the factors used to calculate mining earnings, we can conclude that Ethereum miners’ earnings surpassed Bitcoin’s because the total number of coins earned multiplied by a relatively higher ETH price than BTC in April 2022 became.
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