The daily income earned by Ethereum miners has soared by over 60% in a month, according to data tracked by Ethereum mining pool Sparkpool. <\/p>\n
The surge in daily profit from Ethereum mining surge has also outpaced ethers (ETH) price jump of 40% over the same period.<\/p>\n
The profitability rise comes thanks to soaring transaction fees on the network, as well as relatively slow growth in competition from other miners. <\/p>\n
Sparkpools data shows Ethereum miners daily income was around $1.85 per 100 megahashes second (MH\/s) on the network on June 27. Over the past month, and the last two weeks in particular, this has jumped by 60% and reached as high as $3.27 on July 25. The metric has since dropped back to around $3. <\/p>\n
During the same period, ethers price has gone up by nearly 40%, from $229 on June 27 to $327 at time of writing, the highest price point for over a year.<\/p>\n
Transaction fees on the network, which form part of a miners daily revenue, have reached a two-year high as the hype around decentralized finance (DeFi) brought a spike in network activities.<\/p>\n
However, the total computing power competing on the worlds second largest blockchain network by market capitalization has remained steady around 190 petahashes per second, blockchain explorer Etherscan shows.<\/p>\n
In fact, data from Bitinfocharts indicates daily mining revenue on Ethereum had remained below $2 per 100 MH\/s during the first quarter of the year and dropped to $1 per 100 MH\/s following the crypto market crash on March 12. But in the four months since, daily mining revenue has tripled. <\/p>\n
Currently, some state-of-art Ethereum mining equipment, such as InnoSilicons A10 Pro with a computing power of 485 megahashes per second (MH\/s), can generate $12.92 in daily revenue at Ethereums current price and mining difficulty.<\/p>\n
With an electricity of cost of $0.03 per kilowatt-hour (kWh), one A10 Pro machine is able to bring home a daily net profit of nearly $12, according to mining pool F2Pools miner profitability tracker.<\/p>\n
Profit at that level exceeds some top-of-the-line Bitcoin miners by almost 100%, although bitcoins price has jumped above $10,000 over the weekend for the first time since early June. The sudden increase came after weeks of low price volatility that kept the cryptocurrency stuck between $9,000 and $9,500.<\/p>\n
However, Bitcoins mining difficulty is still around its all-time-high. As such, even the most efficient Bitcoin miners, like MicroBTs WhatsMiner M30S++ and Bitmains AntMiner S19 Pro, are generating a daily revenue of $9 per unit.<\/p>\n
At an electricity cost of $0.03 per kWh, that would provide a daily profit of around $6.50 at bitcoins current price and difficulty, data from mining pool PoolIn shows. In general, industrial electricity cost for crypto mining can range between $0.03 to $0.06 per kWh.<\/p>\n
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Ethereum Miners' Income Soars by 60% in a Month - CoinDesk - CoinDesk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The daily income earned by Ethereum miners has soared by over 60% in a month, according to data tracked by Ethereum mining pool Sparkpool. The surge in daily profit from Ethereum mining surge has also outpaced ethers (ETH) price jump of 40% over the same period Continue reading