Bitcoin Miner Earnings Exceed Ethereum

In recent months while crypto prices took a nosedive, the BTC mining difficulty has still been increasing, further reducing any revenue by BTC miners. Some mining machines were rendered unprofitable at recent prices and difficulty.

In the month of June, Binance estimates that BTC miners generated $656.47 million while ETH miners totaled $549.58 million. In the past few months, ETH mining outpaced BTC mining by around $100 million.

Miner revenues have declined to the lowest levels since December 2020.

Mining a single Bitcoin currently awards the miner with 6.25 BTC. At BTC’s all-time-high of $69,000, this award was equivalent to over $400,000. Now that BTC trades around $20,000, that number has reduced drastically to $120,000.
Ethereum miners are going through similar issues, but the mining difficulty of ETH hasn’t been steadily increasing like BTC’s.

These conditions have lead to various issues. Compass Mining recently had disputes with the owners of one of their mining facilities, Dynamics Mining. On June 27, Dynamics Mining tweeted that they were terminating the hosting agreement due to non-payments from Compass.
Another issue includes all public BTC miners selling 100% of their May mining earnings. With liquidity and other general issues haunting the crypto space, the selling of 4,000 BTC was a desperate attempt at keeping current operations going until the bear market ends, despite the damage to the market and price of BTC.