Bitcoin Mining Revenue Drops in April as Price Struggle Persists
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The report showed that BTC miners realized only $1.16 billion in April 2022, a 4.3% drop from the figure reported in March. Meanwhile, Ethereum miners smiled to the bank in April as their mining revenue for last month grew by 6.2% from the previous month to $1.33 billion.
That said, Ethereum miners essentially generated more mining revenue (1.08 times higher) than Bitcoin in April. The Block Research noted that Ethereum miners have consistently earned more revenue than BTC miners since May of last year.
Typically, most of Bitcoin’s mining revenue is generated for block subsidy. The report showed that the Bitcoin block subsidy accounted for $1.14 billion of the total revenue, while a paltry $12.98 million came from transaction fees.
For Ethereum, a larger part of mining revenue also came from block subsidies, with this revenue source accounting for $1.25 billion in April. Meanwhile, transaction fees and uncle rewards brought in $82.88 million and $58.85 million, respectively. Transaction fees revenue for Ethereum got significantly slashed with the EIP-1559 network upgrade, which introduced a token burning mechanism for the network.
That said, the daily average price increased to 57.4 gwei ($0.00014) on a 30-day rolling average at the end of last month.
Key Bitcoin Levels to Watch — May 3
Bitcoin lost its recovery momentum from Sunday today as the much-anticipated US Fed decision nears. The benchmark cryptocurrency approached the $38K low today as trading volume faltered.
To regain a bullish bias, the benchmark cryptocurrency needs to regain a footing above the $41K pivot top. However, a sustained bearish move below the $38K support after the Fed’s announcement tomorrow could trigger another selling wave, with the $35K support coming into focus.
Meanwhile, my resistance levels are at $39,000, $40,000, and $41,000, and my key support levels are at $37,000, $36,000, and $35,000.
Total Market Capitalization: $1.73 trillion
Bitcoin Market Capitalization: $729.2 billion
Bitcoin Dominance: 42.1%
Market Rank: #1
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