During the month of April, Bitcoin miners played second banana in terms of mining profitability, with Ethereum miners earning £182 million more than Bitcoin miners.
April was a challenging month for Bitcoin miners. BTC miners earned roughly £0.94 billion in revenue in the fourth month of 2022, according to data.
The revenue for Bitcoin miners in April was £35.7 million lower than the figure of £0.98 billion in March 2022.
Since April 2021, when £1.38 billion in revenue was reported, Bitcoin’s total profitability has dropped by 31% in the last year.
The April 2022 single-day high was 3% lower than the best day high a month earlier. According to data, the month March saw a single-day high of over £38.5 million. The April single-day high (£37.3 million) was 23% lower than the best-day high of £48.8 million in January 2022.
In April, Bitcoin miners brought in £0.94 billion, while Ethereum miners brought in £1.13 billion. In contrast to Bitcoin, Ethereum miners’ revenue climbed by 3% in March.
Ethereum mining generated £1.9 billion in revenue in March 2022. In April, monthly Ethereum mining decreased year over year. Around £1.36 billion in revenue was earned in April 2021, compared to 17% less in April 2022.
Bitcoin remains the most popular and valuable digital asset by market capitalisation as of May 2022. This year, though, has brought in more revenue for Ethereum miners.
Ethereum beat Bitcoin in mining revenue by £211 million in January 2022, £154 million in February, and £105 million in March.
It’s important to note that the price of a cryptocurrency and the amount of coins earned during a certain period are two of the key factors in calculating miner revenue.
Because Ethereum traded between £2,430 and £3,240 per coin for the entirety of April, mining revenue climbed from March 2022. In March, the price of Ethereum fluctuated between £2,350 and £2,760.
Bitcoin traded between £30,000 and £35,700 per coin in April and between £34,900 and £38,900 in March.