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Ethereum Miners Record $103.5M In Daily Revenue, Exceeding Bitcoins By Over $36M - TCR

source-logo  thecoinrepublic.com 13 May 2021 10:21, UTC
  • Yesterday, Ethereum miners recorded $103.5M in mining revenue, which was $67.09M for Bitcoin.
  • The network’s transaction fees accounted for over 40% of Ethereum miner’s revenue. 
  • Ethereum’s upcoming July update, implementing EIP-1559, might drop the mining revenues. 

Accompanying Ethereum’s price surge, frolicking beyond $4,000, now Ethereum miners’ daily revenue soars to new heights. It has surpassed even that of Bitcoin miners, reported stock market news, Benzinga.

Ethereum Mining Revenue Recorded

According to the data from The Block, the daily mining revenue recorded by the Ethereum miners was $70.33 million on Sunday, and Bitcoin miners $67.11 million. The $3.2 million difference has turned into a massive $36.4 million with Wednesday revenue stats of $103.5 million for Ethereun (ETH) and $67.09 million for Bitcoin (BTC). Based on the past results, this might result in a short-term trend where Ethereum miners earn more than Bitcoin miners.

What Drove The Rising Figure? 

The reported high mining revenues of the second-largest cryptocurrency by market cap is a result of the Ethereum network’s record high transaction costs plus bullish prices of the cryptocurrency itself. The transaction fees accounted for over 40% of Ethereum miner’s revenue in April alone. But this mightn’t be the case for long, not with the network’s London hard fork, implementing EIP-1559, scheduled July 2021.  

Trend Might Not Last For Long

The most awaited EIP-1559 update brings several important changes to the network’s fee structure, reducing the transaction charges significantly. It aims to introduce a base fee, minimum gas required for transactions to get added to a block, which will be burned, and miners will receive only the inclusion fee. The expected new developments might lead to a drop in the rewards earned by Ethereum miners.

At the time of writing, ETH is trading at $4,032 with a market cap of $467 billion and a 24-hour high of $4,362.35. 

Ethereum Rally Won’t Subside.

Although the token has already returned more than 100% over the last month and 480% year-to-date, crypto experts predict this rally won’t be slowing anytime soon. Analysts at  Fundstrat Global Advisors have estimated a price target of $10,500 for Ether.

Meanwhile, Bitcoin seems to have diluted its pace, maintaining its $50,000 mark. It is currently trading at $51,057 with a market cap of $955 billion.

thecoinrepublic.com