Ethereum Mining Revenues Drop Significantly

ETH mining is getting less profitable amid the network upgrade of Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term. The recent data published by on-chain analysis platform Glassnode shows that the ETH miner revenue has touched a low of $1.59 million recently, which is the lowest level in 7 months.

“Ethereum Miner Revenue just reached a 7-month low of $1,593,570.21. Previous 7-month low of $1,631,770.34 was observed on 04 August 2021,” Glassnode noted. Additionally, ETH mining difficulty Mining Difficulty Mining difficulty is measure of how difficult it is to find a hash below a given target. For example, the Bitcoin network, or another Proof-of-Work (PoW) crypto network, has a global block difficulty. Valid blocks must have a hash below a specific target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares.Looking at the Bitcoin network specifically, mining difficulty is designed to adjust every 2016 blocks, or approximately every two weeks. This adjustment i Mining difficulty is measure of how difficult it is to find a hash below a given target. For example, the Bitcoin network, or another Proof-of-Work (PoW) crypto network, has a global block difficulty. Valid blocks must have a hash below a specific target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares.Looking at the Bitcoin network specifically, mining difficulty is designed to adjust every 2016 blocks, or approximately every two weeks. This adjustment i Read this Term has reached its lowest level in 1 month.

The overall activity across the Ethereum network has decreased in the past few weeks, in tandem with its price. On 4 March 2022, median ETH transaction volume touched its lowest level in more than 4 weeks. “Transaction Volume (7d MA) just reached a 1-month low of 0.081 ETH,” the company added.

ETH has faced price challenges throughout the last 3 months. The digital asset made a recovery at the end of February and topped the level of $3,000. However, bearish traders remained in control and ETH failed to retain the level. On Friday, Ethereum dropped below $2,800.

ETH Network

While most of the indicators across the ETH network have dropped in the last few weeks, some Ethereum addresses have kept accumulating the second-largest cryptocurrency. For instance, the total number of Ethereum addresses holding at least 0.1 ETH reached an all-time high of approximately 7 million.

The “Number of Addresses Holding 0.1+ Coins just reached an ATH of 6,966,634. Previous ATH of 6,966,041 was observed on 03 March 2022,” Glassnode highlighted.

Moreover, the total number of ETH addresses with non-zero balances touched an all-time high of over 76 million today. “Ethereum has seen a supply rise heading to exchanges since the war. We have also noted that trader returns are unusually high, and MCD debt is being reduced rapidly as longer-term traders have sold at a loss,” Santiment mentioned in its recent report.