Ethereum miners’ mining revenue in January reached $800 million, setting a new record in 2018

Ethereum mining revenue reached $800 million in January, breaking the previous record set three years ago.

Data from The Block shows that more than $311 million of Ethereum's mining revenue in January came from network transaction fees, accounting for nearly 40%.

Rising transaction fees and a surge in ether’s price to an all-time high above $1,400 last month pushed Ethereum mining revenue in January past the previous all-time high of $762 million set in January 2018.

Ethereum miners’ daily revenue per megasecond (MH/s) of computing power has also reached its highest level since early 2018, according to data from The Block.

According to F2Pool’s index, the most advanced Ethereum mining equipment on the market, such as Nvidia’s RTX 3080 or the A10 Pro ASIC miner produced by Wuhan-based InnoSilicon, has a gross profit of $62 (400 yuan) in 24 hours a day.

However, similar to the problems faced by Bitcoin miners, GPU graphics cards and ASIC miners on the Ethash algorithm are also facing severe supply shortages, which is causing headaches for gamers who need Nvidia and AMD GPUs.

Data from The Block shows that Bitcoin miners earned more than $1.09 billion in January, which also broke the record for miners' highest income since December 2017.

Last month’s revenue for Bitcoin miners surpassed the level last seen in January 2018, when it was $1.02 billion. The highest monthly revenue for Bitcoin miners was recorded in December 2017, when it exceeded $1.25 billion at the peak of the last market bull run.

Of last month’s $1 billion in revenue, $977 million came from the network’s large block subsidy, which increased dramatically in December 2020 compared to the price of Bitcoin, which jumped above $30,000 and peaked at $42,000.

At the same time, given the shortage of supply of the latest mining equipment, the growth of Bitcoin mining difficulty has been relatively stable.

Bitcoin miners’ daily revenue per terahertz per second (TH/s) of computing power also increased in January to $0.25, the highest level since mid-2019.