Ethereum (ETH) miners have seen higher revenue than Bitcoin (BTC) miners in 2022, as the crypto community welcomes the second half of the year. Despite the devastating effects of the Crypto winter noticed in the space and the surging cost of electricity, miners of both assets have not relented. However, following the Merge, ETH miners could be faced with a loss of jobs.
ETH miners’ revenue is $1B higher than BTC miners’ this year
Per data from Arcane Research, ETH mining has generated a revenue of $11 billion this year, a little higher than the $10 billion BTC miners have seen in the same period. This pattern was noticed last year as well, when BTC mining saw a revenue of $17 billion – $1 billion less than the $18 billion ETH miners generated.
Prior to this, revenue generated from BTC mining had been steadily outpacing that of ETH mining. The turn of events witnessed in the past year and a half can be attributed to growing interest in ETH as the asset gains more traction due to the versatility of its ecosystem.
Nonetheless, the much anticipated Merge that would see the Ethereum Mainnet and the Beacon Chain coalesce – triggering the switch of the Ethereum network to PoS – threatens the jobs of ETH miners who are seeing billions of dollars in revenue annually.
The reality of ETH miners’ dilemma post-Merge
Following The Merge, ETH mining will become obsolete, and transaction validation on the network would be carried out by validators who would then be rewarded for their efforts, as is the status quo in a proof-of-stake blockchain.
