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Bitcoin Miner Revenue Surpasses Ethereum by More Than $100M; Both Crash to 2022 Lows

Bitcoin and Ethereum miners saw a further decline in revenue as bears from May carried on throughout June and led to sinking prices of both cryptocurrencies.

June proved to be the worst month for Ethereum miners in 2022. According to Be[In]Crypto Research, ETH miners were able to generate around $549.58 million in revenue in the sixth month of the year.

Source: Ethereum Miner Revenue Chart by the Block Crypto

Ethereum miners’ revenue for June was down $460.42 million from May 2022’s value of around $1.01 billion. 

The total profitability of Ethereum over the past year was also down by 51% since June 2021, which saw $1.14 billion in revenue recorded.

Bitcoin outpaces Ethereum mining revenue 

Bitcoin surpassed Ethereum mining revenue for the first time since December 2020. In the last month of 2020, Bitcoin miners’ revenue was approximately $692.32 million while Ethereum’s was in the region of $380.88 million.

While Ethereum miners managed $549.58 million in June revenue, Bitcoin miners generated approximately $667.94 million. 

Like Ethereum, Bitcoin’s revenue dipped by 26% from May. May 2022 saw Bitcoin mining bring forth total revenue of $906.19 million. Bitcoin mining also saw a year-over-year monthly decline in June. June 2021 saw around $839.09 million in revenue generated, while 2022’s figure dropped by 20%.

Source: Bitcoin Miners Revenue Chart by YCharts

Miners moved away from Ethereum in June 2022 

Despite the overall market capitalization of the crypto finance space shedding more than $1.3 trillion in the first half of the year, Ethereum remains the second-largest cryptocurrency by market value. 

With that said, miners benefited more from Bitcoin than Ethereum to close out the second
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