The analytical company Arcane Research found that this year it was more profitable to mine ether than bitcoin.
According to a report from Arcane Research, in 2021, Ethereum miners earned $ 17 billion, while their colleagues mined $ 13.6 billion worth of bitcoin. Daily Ethereum miners earned $ 56 million versus $ 45 million from Bitcoin miners. The report states that the volatility of the profitability of Ethereum mining this year was greater than that of Bitcoin mining. Arcane Research has highlighted abnormally high transaction fees on the Ethereum blockchain as the main reason why ETH miners are winning.
“Fortunately for the Ethereum miners, the activity on the Ethereum blockchain has been high throughout the year and has recently increased, which has led to a sharp increase in their revenues. Bitcoin blockchain transaction fees have remained abnormally low since mid-summer. Because of this, fees now account for only about 1% of Bitcoin mining revenues compared to 53% for ether miners. ”
According to the analytical resource BitInfoCharts, after a successful update of Altair, the average transaction fee on the Ethereum blockchain almost doubled in a week, to $ 51.45. And if for the users of the Ethereum blockchain this was an unpleasant event, then the miners made good money on it.
In addition, the update triggered a rise in Ether. On November 2, Ethereum reached an all-time high, exceeding $ 4,500, and the next spurt to $ 5,000 is not excluded. Vitalik Buterin even fears that, due to high commissions, users may decide that the Ethereum blockchain is intended only for the rich and will look for alternative blockchains.
