- As per the figures gathered in June, Ethereum mining revenues were $528 Million, showing a steep decline in Ethereum Mining sector.
- In contrast, miners of the crowned asset Bitcoin experienced more revenue generation, creating 1.26 times more yield than Ethereum miners.
- As of now, Ethereum was trading at a market value of $1060.9, uptrending by 1.68% during the past 24 hours, with 14.9% of dominance on the crypto market.
Ethereum Mining Gets A Hard low From Revenue Generation
Cryptocurrency mining is considered to be among the most rewarding elements in the crypto sector, with various miners generating a plethora of income by setting up their machines and mining the assets like Bitcoin and Ethereum.
But recent figures gathered by a research shows that Ethereum revenues are down by more than 45%. The miners of the Ethereum were only able to generate $528 Million in revenues during the previous month, which exhibits a sharp decline.
Breaking the figures down, the uncle rewards generated $21.09 Million, transaction fees generated $29.64 Million, and block subsidy made the major contribution of $498.84 Million in the generated revenues.
In comparison, the crowned crypto asset, and the fierce rival of Ethereum blockchain, Bitcoin, generated 1.26 more with respect to Bitcoin mining during the previous month.
This appears to be a counter of the Bitcoin miners on the Ethereum miners, as during April previous year, Ethereum miners generated 1.08 times more revenue in comparison to Bitcoin miners.
ALSO READ – Why Meta’s Crypto Project Novi is now coming to an end?
What Impact Will This Make?
The effect on the associated industries is already clear, as the GPU market has diminished their rates by half. This is because if the revenues in mining Ethereum are going down, then it is possible that miners will lose interest, or are already losing it.
Miners require robust mining equipment, such as Graphic Processing Units. Bitmain and Antminers are the leading products in this sector which the miners often choose.
The reduction in the prices is an indication that attempts are being made to lure the miners back, and to keep the industry prominent, as mining industry can have a large impact on the GPU sector if the miners tries to abandon Ethereum mining.
Source: https://www.thecoinrepublic.com/2022/07/03/ethereum-mining-plunged-during-june-gpu-sector-might-experience-the-effects/