The daily income of miners on the Ethereum network grew by more than 60% in a month, outpacing the 40% rise in the price of ETH over the same month.period.
The rise in profitability is driven by rising transaction fees on the network, as well as relatively slow growth in competition from other miners.
Mining pool data from Sparkpool shows that 27June, the daily income of miners on the largest altcoin network was about $1.85 per 100 megahashes per second (MH/s) on the network. Over the past month, particularly over the past two weeks, it has increased by 60% and reached July 25 — $3.27. Since then, the figure has fallen to $3.
Over the same period, the price of Ether has surged nearly 40%, from $ 229 on June 27 to $ 327 at the time of writing, the highest price in a year.
The reason for the growth in profitability of mining ETH
Payments for transactions on the network that arepart of the daily income of miners hit a two-year high as the hype around decentralized finance (DeFi) sparked a surge in online activity.
However, the total computing powercompeting in the second-largest blockchain network by market capitalization, remains stable at around 190 petahash per second, as shown by Etherscan.
In fact, Bitinfocharts data indicatesthat daily Ethereum mining income remained below $ 2 per 100 MH / s during the first quarter of the year and fell to $ 1 per 100 MH / s after the March market crash. But four months later, daily mining income has tripled.
Currently, some modernEthereum mining hardware such as InnoSilicon A10 Pro with 485 MH/s hashing power can generate $12.92 daily income at the current price and difficulty of Ethereum mining.
According to mining pool data F2Pool, at an electricity cost of $0.03 per kilowatt-hour (kWh), one A10 Pro machine is capable of generating a daily net profit of almost $12.
Much more profitable than mining BTC
Profits at this level are almost 100% superior to some high-end miners for Bitcoin (SHA256), although the price of BTC over the weekend topped $10,217,000 for the first time since early June.
However, the difficulty of mining Bitcoinis still a record. Thus, even the most efficient SHA256 miners such as MicroBT's WhatsMiner M30S ++ and Bitmain's AntMiner S19 Pro generate daily income of $ 9 per unit.
According to the mining pool PoolIn, at an electricity cost of $0.03 per kWh, such machines would provide a daily profit of about $6.50 at current prices and the difficulty of mining Bitcoin.
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