Ethereum mining revenue generated by miners in January 2021 dwarfed that of 2018. The second-largest crypto in the world has been attracting a lot of interest from the masses of late, thanks to the burgeoning decentralized finance () ecosystem as well as the Eth2 staking craze.
Ethereum Miners Make a Fortune
The year 2021 is proving to be one of the best years yet for the blockchain ecosystem, as bitcoin () hit $42k for the first time in its over a decade old history and altcoins like ether (ETH), Uniswap (UNI), dogecoin DOGE and a host of others have also surged significantly in value this season.
Just as the bull market has put smiles on the faces of hodlers, crypto miners have also made massive gains. Per sources close to the latest development, Ethereum miners generated a total of $800 million in January 2021 alone, smashing the $762 million ATH reached in 2018.
Unlike Ethereum’s 2018 performance, this season’s surge in revenue is partly attributed to the altcoin’s price surge to an ATH of $1,400, as well as the increase in transaction fees partly triggered by the skyrocketing demand for DeFi products.
According to defiprime.com, there are currently 201 Ethereum-based decentralized finance platforms, with protocols like Maker, Aave, Compound, Uniswap, Curve Finance and others occupying the frontline of the more than $26 billion DeFi ecosystem.
Notably, Ethereum miners’ daily revenue per megahash second (MH/s) has also reached levels last witnessed in early 2018.
In the same vein, there is now a shortage of advanced Ethereum mining machines such as the Nvidia RTX 3080 and the ASIC miner A10 Pro, which has the ability to generate a gross profit of $62 for miners every 24-hours.
In a related development, it’s no news that the Ethereum team has been making significant progress in the journey towards proof-of-stake (PoS).
As reported by BTCManager, there are now more than 105 Eth2 stakers, with a total of over $3 billion worth of ether deposited on the beacon chain. Ether reserves on centralized exchanges have also plunged significantly of late, and analysts have predicted that the price of ether may see further increase in the coming months.
At press time, the price of ether (ETH) is hovering around the $1,329 region, with a market cap of $152.20 billion, as seen on CoinMarketCap.