Ever since Bitcoin price dropped to current levels of around $20k, miners are rewarded approximately $120,000 per successful mined block.
Bitcoin mining revenues topped $656.47 million in June, while Ethereum’s came in at 549.58 million for the same period, a report by Binance shows. Reportedly, Ethereum mining revenues had been leading for the past year until last month when Bitcoin’s revenue flipped Eth’s with over $100 million.
More Revelation from Bitcoin and Ethereum Mining Data
According to Binance, even though crypto assets compete fiercely in prices, their mining revenues grow, decline, and continue to follow similar patterns. Basically, since the Bitcoin mining volume is steady, currently at 6.25 coins per ten minutes, the market prices significantly affect miners’ revenue.
Worth noting, that Bitcoin miners were rewarded 6.25 coins per single block when the asset exchanged briefly at approximately $69k. Thereby giving miners a profit of approximately $431,250 per successful block.
However, ever since Bitcoin price dropped to current levels of around $20k, miners are rewarded approximately $120,000 per successful mined block. The revenue drop is approximately 60 percent.
Notably, a similar situation has been recorded in other digital assets that have recorded a similar decline in prices.
“As such, miner revenues have now declined to the lowest they have been in almost two years. The last time figures were this low was in December of 2020, right before the epic bull runs of 2021,” Binance noted.
What’s Fueling All These Shifts?
Over the last few years, notable celebrities around the world have invested in the cryptocurrency market. As the money kept flowing into the crypto market, the rift between digital assets mining revenue increased by day. Remember, most of these celebrities have deep pockets and can invest in any crypto projects at will.
Worth noting, the crypto mining industry has been significantly affected by global regulations and climate change. For instance, a while ago, there was a major crypto miners migration from China after a ban was introduced.
Some countries in Asia have imposed crypto mining bans following electricity rationing.
Nevertheless, Bitcoin has led the way in global crypto adoption with two countries, El Salvador and Central African Republic, already using the asset as legal tender.
Side Notes
According to market data provided by CoinGecko, Bitcoin price is trading around $19k, while that of Eth at approximately $1,134. Worth noting, the crypto prices have been affected by macroeconomic factors.
Additionally, the cryptocurrency is recuperating from the Celsius, Terra and 3AC liquidity crisis. Remember, Celsius just repaid its loan partially thereby declining its liquidation price to sub $5k.
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