Mining Ethereum is trying to buy a ticket and ride the train until it reaches the end station.
The situation with Ethereum mining looks more and more like trying to buy a ticket and ride the train before it reaches the end station. Recall that along with the Ethereum blockchain update, this digital asset is changing its principle of operation from Proof-of-Work to Proof-of-Stake. The approach of such an event has already caused a surge of interest in Ethereum Classic (ETC) mining, as well as an increase in the price of ETC, which by the rate of surpassed increase in the price of Ethereum.
But there is another important trend: the results of August showed that Ethereum miners were able to earn more than bitcoin miners, and this happened for the second month in a row. Prior to that, in June, bitcoin miners earned more, but in the period from January to May the earnings of Ethereum miners exceeded the earnings of bitcoin miners.
Revenues for Ethereum miners reached $756.11 million in August, up 21% from July. At the same time, it was significantly less than in August 2021, when the amount was $1.5 billion.
Bitcoin miners also increased their income in August, up 9.9% from July, but the amount was less ($657 million) than Ethereum miners. Bitcoin miners’ income growth could still have been higher had it not been for the sharp rise in bitcoin mining difficulty, which reached 30.98 trillion conventional units in August. Exactly like Ethereum mining, bitcoin miners’ revenue was much higher a year ago ($1.41 billion, in August 2021).
Ethereum miners recorded 34.9 million transactions in August, about four and a half times more than bitcoin (7.81 million transactions for the month).