Ethereum atomizes the competition: ETH miners pocket a billion $

The miners ofEthereum (ETH) generated a total of $1.29 billion in revenue in March. A figure that places them above Bitcoin miners, but still below their highest level of earnings. A potential reversal of forces that could last, maintained by the future deployment of “The Merge” on the network created by Vitalik Buterin.

Ethereum more profitable than Bitcoin

the “pinball”this long-awaited moment by part of the community where the capitalization of Ether will exceed that of Bitcoin (BTC) is also being played out behind the scenes!

Ethereum miners generated around 1.08x more revenue than Bitcoin miners in March. Earnings have thus been increased by 7.2% compared to February.

An event that has its importance, because the remuneration of Ether miners had been on a downward trajectory since November 2021. At that time, the total income was $ 2.07 billion for entities that provide security and decentralization of the network.

Ether miner revenue evolution. Source: Coin metrics

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The share of transaction costs reduced to a minimum

Most of this revenue came from the block mining reward ($1.21 billion). A small portion of transaction fees ($78.27 million) and rewards distributed to block miners who are not included in the main chain ($58.23 million). As a reminder, the “uncle’s rewards” (uncle rewards) are awarded when a block is mined but not included in the main chain because another block was mined at the same time. Transaction fees decreased to 5.9% of total revenue.

Currently, the reward for mining a block is 2 Ether. Then you have to add part of the transaction fees. Since the EIP-1559 update, the other part of the fees is burned, allowing greater predictability of transaction costs. The reward for mining a block on Bitcoin is 6.25 BTC.

Earnings from miners previously hit an all-time high in May 2021, with a total of $2.4 billion generated! All eyes now turn to Fusionthe deployment of the Ethereum mainnet on the Beacon Chain. This event will mark the entry of the network into a new era with the transition to proof of stake.

Ethereum miners are right to pocket record gains ahead of The Merge. While waiting for this major event, you can do ETH 2.0 staking without blocking your funds. Yes, on KuCoin Earn it’s possible! Thanks to the ETH2 token, earn interest or trade freely. register now (affiliate link).

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