The daily income earned by Ethereum miners has soared by over 60% in a month, according to data tracked by Ethereum mining pool Sparkpool.
The surge in daily profit from Ethereum mining surge has also outpaced ether‘s (ETH) price jump of 40% over the same period.
The profitability rise comes thanks to soaring transaction fees on the network, as well as relatively slow growth in competition from other miners.
Sparkpool’s data shows Ethereum miners’ daily income was around $1.85 per 100 megahashes second (MH/s) on the network on June 27. Over the past month, and the last two weeks in particular, this has jumped by 60% and reached as high as $3.27 on July 25. The metric has since dropped back to around $3.
During the same period, ether’s price has gone up by nearly 40%, from $229 on June 27 to $327 at time of writing, the highest price point for over a year.
Transaction fees on the network, which form part of a miner’s daily revenue, have reached a two-year high as the hype around decentralized finance (DeFi) brought a spike in network activities.
However, the total computing power competing on the world’s second largest blockchain network by market capitalization has remained steady around 190 petahashes per second, blockchain explorer Etherscan shows.
In fact, data from Bitinfocharts indicates daily mining revenue on Ethereum had remained below $2 per 100 MH/s during the first quarter of the year and dropped to $1 per 100 MH/s following the crypto market crash on March 12. But in the four months since, daily mining revenue has tripled.
Currently, some state-of-art Ethereum mining equipment, such as InnoSilicon’s A10 Pro with a computing power of 485 megahashes per second (MH/s), can generate $12.92 in…