In March 2022, Ethereum mining generated $1.34 billion. While Bitcoin (BTC) miners recorded around $1.21 billion during the same period.
This means that total revenues for the month of March increased by 14% to 150 million. And even though BTC mining revenues increased in the month of March, the single-day revenue peak for March was 4% lower, relative to the best day in the month of February.
March’s single-day high of approximately $47.54 million was 20% lower than in January of this year, when it reached $60.16 million in a single day.
Ethereum mining is bigger than Bitcoin mining.
Since February, ETH revenue has outpaced Bitcoin’s pattern by 7% gains. And even though Ethereum mining has suffered a monthly decline, it remains in a healthy range of peaks and troughs.
Bitcoin remains the most powerful cryptocurrency by market capitalization, but when it comes to mining revenue figures, Ethereum is the only asset that delivers more revenue to all of its miners.
Proof of these is that, prior to ETH overtaking BTC in March 2022, already in February ETH revenues were positioned above BTC by 17%. Not to mention that Ethereum’s mining revenues surpassed Bitcoin by 20% last January, and it even happened the same in December 2021, when they managed to reach 32% more than Bitcoin, also in mining revenues.
To understand these numbers, we must keep in mind the price and quantity of cryptocurrencies, such as the case of BTC and ETH, which were earned in March. In an uptrending market, mining revenues tend to rise, because cryptocurrency prices grow.
However, cryptocurrency prices fall along with mining revenues when the digital market encounters negative or adverse sensation.