Bitcoin and Ethereum miners saw a sharp drop in revenue during the month of May as prices of both cryptocurrencies fell to new lows.
May proved to be one of the worst months for Bitcoin miners in this year. BTC miners were able to generate approximately $906.19 million in revenue during May. Bitcoin miners’ revenue for May was down $253.81 million from April value of around $1.16 billion.
The total profitability of Bitcoin over the past year was down by 37% since May 2021, which saw $1.45 billion in revenue recorded. The single-day high for May 2022 was 11% below the best day high in April. The single-day high for April was $46.01 million, according to data.
Despite the market crash of May 2022, Bitcoin remains the largest cryptocurrency by market capitalization. With that said, miners continued to benefit more from Ethereum than Bitcoin. Sinking cryptocurrency prices caused by the market crash of May can be credited as the primary cause for declining mining revenues.
Ethereum mining revenue decreased from April 2022 because of trading in the range of $2,000 to $3,000 in the first 11 days of May. The last 20 days saw ETH trading more in the range of $1,700 to $2,000.In April 2022, Ethereum traded in the range of $3,000 to $4,000 per coin for the majority of days.
