Wednesday, May 29, 2024

Ethereum Surpasses Bitcoin In Mining Profitability

This happened against the background of the rise in price of the altcoin and the increase in transaction fees in its network.

Ethereum miners have overtaken Bitcoin miners in profitability over the past few days, writes The Block . According to the publication, altcoin miners now earn about $ 77 million daily against $ 67 million received by miners of the main cryptocurrency.

Earlier, Ethereum mining has already surpassed Bitcoin mining in terms of profitability. This happened in late April and early February this year.

Analysts of the publication associate the growth in the profitability of Ethereum mining with the rise in price of the altcoin itself and an increase in transaction fees on the network.

In the last 24 hours alone, the digital coin has risen in price by 10% and updated the maximum at around $ 4.37 thousand. According to CoinGecko, the altcoin grew by 97% over the month, and its capitalization increased to $ 490 billion.

In May, the average transaction fee on the Ethereum network rose 563% to $ 65, according to Bitinfocharts. At the beginning of the month, this figure was $ 9.8.

The growth in commissions comes against the backdrop of the popularity of the Shiba Inu token and other comic digital coins that are based on the Ethereum blockchain.

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