Ethereum continues to enjoy a considerable advantage among Altcoin. That also applies to miners. The 2021 Etherminer earned more than $ 3 billion more than the Bitcoin miner. But the positive story about ETH miners has been hit hard this year.
Is there a miner?
Well, the first one is the long-awaited merge. The merger will force Ethereum’s $ 19 billion mining industry to find new homes. This shifts Ethereum’s consensus mechanism from proof of work to proof of stake.
Another reason is the ongoing encryption modification. Ethereum has lost 72% of its value. This means that the miner’s income has been hit hard. Blockchain analysis firm Glassnode has shown that miners’ profits have fallen to surprisingly low levels.
Source: Glassnode
Ethereum miner earnings fell 27% from April. In particular, in April 2022, the mining of Ethereum generated a total revenue of $ 1.39 billion. Ethereum mining also declined monthly in May year-on-year. Now, in May 2021, we generated about $ 2.4 billion in revenue, but the 2022 figure was down 57%.
Overall, falling ETH prices and future mergers have forced some miners to cut their rigs. Reduced difficulty of ETH network I drew Or rather, I emphasized this autumn. This processing capacity plummeted by more than 10% as the value of mining revenue plummeted due to the recent plunge in ETH prices.
In the annual chart, miner activity peaked above 1,000 TH / s in June of this year and then tilted to about 900 TH / s.
Source: Glassnode
In addition to this, ever-increasing electricity prices around the world have exacerbated it. Electricity bills usually make up the majority of miners’ daily costs, and rising electricity prices lead to a decline in their net profits.
Not surprisingly, lower Ethereum hash rates and other factors affected miners’ profit margins. Ergo, they disconnected the GPU (Graphics Processing Unit).
Graphics card prices continued to fall in June, plunging another 14%, according to data from Tom’s Hardware at Tech Outlet.
