{"id":475352,"date":"2021-11-03T17:00:46","date_gmt":"2021-11-03T17:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=475352"},"modified":"2024-06-11T14:36:20","modified_gmt":"2024-06-11T14:36:20","slug":"ethereum-miner-revenue-vs-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-miner-revenue-vs-bitcoin\/","title":{"rendered":"Ethereum Miner Revenue Outpaces Bitcoin In 2021"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<\/p>\n<p class=\"p1\">Ethereum has so far put up a tremendous run in 2021. Its price has hit multiple all-time highs this year, cementing it as one of the best digital assets to be invested in for the year. Major upgrades to the network like the London hard fork have seen the project move towards a deflationary mechanism, creating scarcity in the asset by burning one-third of the fees issued on the network.<\/p>\n<p class=\"p1\">The ETH mining industry also felt the heat when the Chinese government had begun its crackdown on crypto mining in the middle of the year. Like bitcoin, its mining revenue had been affected by the crackdown. However, ETH did not suffer as much as bitcoin did from this move. Hence, miners of the asset have seen good returns on their activity. The difference has been evident in the mining revenue between bitcoin and ethereum miners.<\/p>\n<h2 class=\"p1\">Ethereum Outpaces Bitcoin Mining<\/h2>\n<p class=\"p1\">Mining revenues between Ethereum and bitcoin mining show a discrepancy in their figures. For one, Ethereum miners have definitely had the more profitable year out of the two. Although not a very wide gap, it is still a notable difference in the returns from both assets. While ETH miners saw a total of $17 billion in revenue from their mining activities, bitcoin miners only saw $13.6 billion.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/ethereum\/analysts-for-ethereum-at-8000\/\">Goldman Sachs Analysts Shoot For Ethereum At $8,000 With Expected 80% Rally<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">Volatility between the two assets has also played into how the figures have turned out. Bitcoin mining is associated with high volatility. Yet, ETH has it beat as the asset with the most volatility. ETH mining volatility sat at a staggering 47% compared to bitcoin\u2019s 28%. This volatility in daily revenues plays a big role in the revenue figures for ETH miners.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-475353 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/ETH-miner-revenue-1.png?resize=457%2C126\" alt=\"Chart showing miner revenue of BTC and ETH\" width=\"457\" height=\"126\"><\/p>\n<pre style=\"text-align: center\">ETH outpaces BTC mining metrics | Source: <a href=\"https:\/\/www.research.arcane.no\/\" rel=\"nofollow\">Arcane Research<\/a><\/pre>\n<p class=\"p1\">The average daily revenue for BTC mining is $45 million. For ETH, this figure is $56 million. In metrics like average fee percentage of daily revenue and revenue correlation with fees, ETH also recorded higher figures.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/www.tradingview.com\/x\/nOsfTjP3\/\" alt=\"Ethereum price chart from TradingView.com\" width=\"1353\" height=\"686\"><\/p>\n<pre style=\"text-align: center\">ETH price trading above $4,500 | Source: ETHUSD on TradingView.com<\/pre>\n<h2 class=\"p1\">ETH Fees Go UP<\/h2>\n<p class=\"p1\">Since Ethereum miners&#8217; revenues are largely dependent on fees, the rate of sending transactions on the network greatly affects the mining revenue. As such, ETH\u2019s volatile fee nature can play a positive or negative role in the revenue returns of miners. When fees go up, so do the revenue returns for miners go up, and vice versa. Furthermore, ETH miners usually have a short window where they can collect the revenues, represented by the 0.55% fee correlation shown above.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/paypal-co-founder-says-bitcoin-price-points-to-crisis-in-the-economy\/\">PayPal Co-Founder Says Bitcoin Price Points To Crisis In The Economy<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">This correlation has played in the favor of ETH miners this year. The growing popularity and adoption of decentralized finance and NFTs have seen fees skyrocket on the network. Being largely dependent on fee revenue, miners have benefitted the most from this spike. Despite the fee burn, rewards for miners on the blockchain are up for the year.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-475354 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/ETH-miner-revenue-2.png?resize=460%2C365\" alt=\"Two charts comparing bitcoin mining revenue to ethereum mining revenue\" width=\"460\" height=\"365\"><\/p>\n<pre style=\"text-align: center\">ETH mining revenue from fees sits at 53% | Source: <a href=\"https:\/\/www.research.arcane.no\/\" rel=\"nofollow\">Arcane Research<\/a><\/pre>\n<p class=\"p1\">Compared to Ethereum, transaction fees on the bitcoin network have remained mostly low since the bull rally ended in April. ETH miner revenues were made up of 53% of fees for the year. Meanwhile, transaction fees only contributed 1% to the total miner revenue for bitcoin.<\/p>\n<pre style=\"text-align: center\">Featured image from Crypto News Flash, chart from TradingView.com<\/pre>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Ethereum has so far put up a tremendous run in 2021. Its price has hit multiple all-time highs this year, cementing it as one of the best digital assets to be invested in for the year. Major upgrades to the network like the London hard fork have seen the project move towards a deflationary mechanism, creating scarcity in the asset by burning one-third of the fees issued on the network. The ETH mining industry also felt the heat when the Chinese government had begun its crackdown on crypto mining in the middle of the year. Like bitcoin, its mining revenue had been affected by the crackdown. However, ETH did not suffer as much as bitcoin did from this move. Hence, miners of the asset have seen good returns on their activity. The difference has been evident in the mining revenue between bitcoin and ethereum miners. Ethereum Outpaces Bitcoin Mining Mining revenues between Ethereum and bitcoin mining show a discrepancy in their figures. For one, Ethereum miners have definitely had the more profitable year out of the two. Although not a very wide gap, it is still a notable difference in the returns from both assets. While ETH miners saw a total of $17 billion in revenue from their mining activities, bitcoin miners only saw $13.6 billion. Related Reading |\u00a0Goldman Sachs Analysts Shoot For Ethereum At $8,000 With Expected 80% Rally Volatility between the two assets has also played into how the figures have turned out. Bitcoin mining is associated with high volatility. Yet, ETH has it beat as the asset with the most volatility. ETH mining volatility sat at a staggering 47% compared to bitcoin\u2019s 28%. This volatility in daily revenues plays a big role in the revenue figures for ETH miners. ETH outpaces BTC mining metrics | Source: Arcane Research The average daily revenue for BTC mining is $45 million. For ETH, this figure is $56 million. In metrics like average fee percentage of daily revenue and revenue correlation with fees, ETH also recorded higher figures. ETH price trading above $4,500 | Source: ETHUSD on TradingView.com ETH Fees Go UP Since Ethereum miners&#8217; revenues are largely dependent on fees, the rate of sending transactions on the network greatly affects the mining revenue. As such, ETH\u2019s volatile fee nature can play a positive or negative role in the revenue returns of miners. When fees go up, so do the revenue returns for miners go up, and vice versa. Furthermore, ETH miners usually have a short window where they can collect the revenues, represented by the 0.55% fee correlation shown above. Related Reading |\u00a0PayPal Co-Founder Says Bitcoin Price Points To Crisis In The Economy This correlation has played in the favor of ETH miners this year. The growing popularity and adoption of decentralized finance and NFTs have seen fees skyrocket on the network. Being largely dependent on fee revenue, miners have benefitted the most from this spike. Despite the fee burn, rewards for miners on the blockchain are up for the year. ETH mining revenue from fees sits at 53% | Source: Arcane Research Compared to Ethereum, transaction fees on the bitcoin network have remained mostly low since the bull rally ended in April. ETH miner revenues were made up of 53% of fees for the year. Meanwhile, transaction fees only contributed 1% to the total miner revenue for bitcoin. Featured image from Crypto News Flash, chart from TradingView.com [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":541,"featured_media":475358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[640,84586,1119,8323,84583,84584,1946,2989,2990,84585],"class_list":["post-475352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-bitcoin-mining","tag-bitcoin-mining-revenue","tag-btc","tag-eth","tag-eth-mining","tag-eth-mining-revenue","tag-ethereum","tag-miners","tag-mining","tag-mining-revenue"],"acf":[],"yoast_head":"\n<title>Ethereum Miner Revenue Outpaces Bitcoin In 2021<\/title>\n<meta name=\"description\" content=\"Ethereum has so far put up a tremendous run in 2021. 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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