Reading time: ~2 m
Bitcoin and Ethereum miners faced a sharp drop in revenue in May. The main reason is the fact that the prices of both cryptocurrencies have fallen to new local lows.
May turned out to be one of the worst months for bitcoin miners in 2022. According to the study, BTC miners were able to generate about $906.19 million in revenue in the fifth month of the year.
The revenue of bitcoin miners for May decreased by $ 253.81 million compared to the April value of about $ 1.16 billion in 2022.
The overall profitability of bitcoin over the past year has decreased by 37% compared to May 2021, when revenue of $ 1.45 billion was registered.
The one-day high of May 2022 was 11% below the best daily high in April. According to YCharts, April’s one-day high was $46.01 million. May’s one-day high was around $40.53 million, down 32% from the best daily high of $60.16 million in January 2022.
Ethereum Outpaces Bitcoin Mining Revenue for Fifth Consecutive Month
While bitcoin miners generated $906.19 million in Revenue in May, Ethereum miners earned about $1.01 billion.
Like Bitcoin, Ethereum’s revenue is down 27% from April. In April 2022, Ethereum mining generated a total revenue of $1.39 billion. Ethereum mining also saw a monthly decline year-on-year. In May 2021, revenue was about $ 2.4 billion, and in 2022 the figure decreased by 57%.
Miners still earn more on Ethereum in May 2022
Despite the market crash in May 2022, Bitcoin remains the largest cryptocurrency by market capitalization. At the same time, miners continued to benefit more from Ethereum than from the first cryptocurrency.
What caused the drop in mining revenues?
The fall in cryptocurrency prices caused by the collapse of the market in May can be considered the main reason for the decline in mining revenues.
Ethereum mining revenues have declined since April 2022 due to trading in the $2,000 to $3,000 range in the first 11 days of May. Over the past 20 days, ETH has traded in the range of 1700 to 2000 dollars.
On the other hand, Bitcoin spent the first nine days of May trading in the $30,000 to $40,000 range. Over the past 22 days, BTC has traded more in the price range of $25,000 to $32,000. In April 2022, Bitcoin spent most of its days trading between $37,000 and $44,000. Overall, BTC opened at $37,713 on May 1 and closed at $31,792 on May 31. In May, the opening and closing price of BTC fell by 15%.
Author: Anton Zaitsev, Analyst Freedman Club Crypto News
#Revenues #Bitcoin #Ethereum #mining #fell
