Ethereum continues to challenge bitcoin and sometimes outperforms its rival in some aspects. Thus, ethereum mining is getting more profitable than bitcoin mining. For three months in a row, ethereum has seen higher mining revenues than bitcoin. This is the longest stretch on record when ETH has surpassed BTC in terms of mining revenue. Ethereum miners earned $1.03 billion in July while bitcoin miners generated only $971.8 million for the same month. In June, the mining of altcoin with the highest market cap brought $1.1 billion compared to $839 million brought by bitcoin mining. Ethereum miners’ revenue amounted to $2.35 billion in May which is $900 million more than that of bitcoin miners. At the same time, transaction volumes of both cryptocurrencies have notably decreased in the past few months. For instance, in June, the total revenue of bitcoin and ethereum miners declined by 42% and 53% respectively compared to the previous month. This happened amid the largest drop in a hash rate that was caused by China’s ban on mining. Later in July, bitcoin’s hash rate recovered as Chinese miners had relocated their operations abroad.
