Friday, 07 August 2020

Ethereum miners see their income jump significantly

Ethereum miners’ daily earnings jumped by more than 60%, according to Sparkpool.
Additionally, the increase in daily income has also exceeded Ether’s (ETH) price surge of 40% in a month. The surge in profitability comes as a result of increasing transaction fees on the network and stagnating competition.

According to Sparkpool, the daily profit of Ethereum miners was near $1.85 per 100 megahashes second (MH/s) on June 27. In July, particularly over the last two weeks, this figure has surged by 60% to $3.27 on July 25. Since that day, the number has declined to about $3.

Over that period, the price of ETH has increased by 40% to $327 on June 27, its highest mark for more than a year. Ethereum transaction fees have hit a two-year high thanks to the hype about decentralized finance (DeFi), which resulted in a surge in network activities.

Still, according to the blockchain explorer and analytics platform Etherscan, the total computing power on Ethereum has remained unchanged close to 190 petahashes per second.

As a matter of fact, daily mining income on the blockchain was under $2 per 100 MH/s in Q1 2020, before it declined to $1 per 100 MH/s due to the crypto market collapse on March 12, according to Bitinfocharts data. Since then, the daily income has tripled.

At the moment, Ethereum’s latest mining gear like the InnoSilicon’s A10 Pro which has a computing capacity of 485 megahashes per second (MH/s), can bring $12.92 in daily income at the current price of ETH and mining difficulty.


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