The revenue of miners of the first Cryptocurrencies increased in March, but the revenue of miners of the second Cryptocurrencies decreased.
The month of March was a difficult one for miners. According to Be[In]Crypto Research, miners generated over a billion dollars in revenue during the third month of the year.
When you consider the demand for Bitcoin, the total mining revenue for it was up from February to June. The revenue for March was $150 million, an increase of 14.0%.
Over the past year, the total profitability of the mining business was down by 30%, which resulted in over $1.75 billion in revenue.
The best day high in February was 4% higher than the single day high in March. According to data from YCharts, the February high was $50.05 million.
The single-day high for March was lower by more than 20% from the high of January 2022, which was $60.16 million.
Ethereum continues to outpace Bitcoin mining
In March, the revenue generated by the miners was $1.21 billion. There was a 7% increase in revenue from February. There was a total of $1.25 billion in revenue in February. There was a year-over-year monthly decline in March. The revenue generated in March of 2021 was over $1.41 billion.
Miners still prefer Ethereum in March 2022
Bitcoin is still the largest digital asset by market cap. When it comes to mining revenue, the only asset that brings in more revenue for miners is ether. February 2022, saw the revenue surpass that of Bitcoin by 17%. In addition to this, in January, December, and May of this year, mining revenue for Ethereum was more than that for Bitcoin.
What caused the increase in mining revenue?
In order to understand the increment in mining revenue, we need to understand the factors that help in the calculation. In order to calculate mining revenue, we need to take the price of a coin and the number of coins that were earned in March. In a bullish market, mining revenue goes up when the prices of coins are high. When there is a negative market sentiment, mining revenue goes down as well as the price of assets.
An increase in mining revenue for March can be attributed to a recovery of the market towards the end of March.
Ethereum opened on March 1 with a trading price of $2,919.78. The native asset of the Ethereum ecosystem reached a monthly high of $3,470.19 on March 29 and closed the month by exchanging hands for $3,281.64. Overall, ETH spiked by approximately 18%.
There was an increase in February trading volume. The February and March volume was $416 billion and $436 billion respectively. The rise of the price of ETH was explained by this.
Bitcoin began March 1 by trading for $43,194.50. BTC reached a monthly high of $48,022.29 and ended March 31 by trading for $45,538.68 — an increase of 11%.
The volume of trading soared in March. After plunging by 27% from January’s $923 billion in February, the volume of Bitcoins went up by 23% from February to March.
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