Bitcoin miners took a back seat in mining profitability during the month of April as Ethereum miners saw $224 million more revenue than Bitcoin miners.
April turned out to be a tough month for Bitcoin miners. According to be[In]Crypto Research, BTC miners were able to generate around $1.16 billion in revenue in the fourth month of 2022.
Bitcoin miner revenue for April was down $44 million from the March 2022 value of around $1.21 billion.
The total profitability of Bitcoin over the past year was down by 31% since April 2021, which saw $1.7 billion in revenue recorded.
The April 2022 one-day high was 3% lower than the best day in March. The one-day high for March 2022 was in the range of $47.54 million, according to data from YCharts. The single-day high for April ($46.01 million) was 23% below the January 2022 best-day high of $60.16 million.
Ethereum outpaces Bitcoin mining revenue for the fourth consecutive month
While Bitcoin miners managed $1.16 billion in April revenue, Ethereum miners generated approximately $1.39 billion. Unlike Bitcoin, Ethereum revenue increased by 3% from March.
In March 2022, Ethereum mining generated a total revenue of $1.34 billion. Ethereum mining also saw a monthly decline year over year in April. In April 2021, approximately $1.68 billion in revenue was generated, while the 2022 figure decreased by 17%.
Miners still prefer Ethereum in April 2022
As of May 2022, the most popular and largest digital asset by market capitalization is still Bitcoin. With that said, Ethereum has brought forth more revenue for miners in 2022.
Before Ethereum overtook Bitcoin in mining revenue in April, ETH overtook BTC by $130 million in March, $190 million in February, and $260 million in January 2022.
What caused the disparities in mining revenue?
To understand the disparities in mining revenue, we should understand that one of the primary factors in calculating miner revenue is the price of a cryptocurrency and the number of coins earned within a given period.
Ethereum mining revenue increased from March 2022 due to trading between $3,000 and $4,000 per coin for the majority of days in April. In March, Ethereum was trading between $2,900 and $3,400.
On the other hand, Bitcoin traded in the range of $37,000 and $44,000 per coin for the majority of days in April. In March, Bitcoin traded in the range of $43,000 and $48,000.
Drawing conclusions from the factors used to calculate mining revenue, we can conclude that Ethereum miner revenue exceeded that of Bitcoin as the total number of coins earned was multiplied by a relatively higher ETH price than BTC in April. 2022.
