Crypto-mining is doing well – For some time now, the gas fees on Ethereum (ETH) literally have explodedmaking it almost mandatory to carry out small transactions via payment solutions. second layer (layer 2), much less expensive. This transaction congestion has at least one benefit. The minors of ethers (ETH) fill their pockets, to the point that their income exceed now those who mine Bitcoin (BTC).
Bitcoin mining revenues fairly stable since early 2022
Let’s start with the king of cryptos, though Bitcoin is now dethroned in the field of income from mining. As we can see in the graph below, taken from the data aggregation site on chain from The Block, BTC mining revenue amounted to $1.16 billion during the month of April 2022.
Since the beginning of this year, these income rather stayed stable, in a range between $1.2 billion (January/March) and $1 billion (February). Note in passing that the profits from costs transactions are very weak (less than $20 million) compared to the block rewards ($1.14 billion).
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Ether miners earn 4 times more gas fees than Bitcoin
Now let’s move on to the challenger, Ethereum, where miners are the only ones to benefit from high transaction fees. In total (see chart below), ETH harvesters gained $1.33 billion thanks to mining, either 1.08 times more than revenue from bitcoin.
If the block reward earnings slightly exceed those achieved on the BTC network – $1.25 billion -, it is mainly thanks to the profits from gas costs that the difference is obvious. These transaction fees have indeed yielded almost $83 million to Ethereum miners, i.e. more than 4 times more than on Bitcoin.
However, we are far from may 2021 exorbitant gas cost records. So in the middle of a generalized bull run on the crypto market, with a historic high for ether beyond the $4,300the gas costs had missed by little bring back as much than block rewards.
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