Ethereum Miners’ Daily Income Surges More than Ether Price Appreciation

The daily income generated by Ethereum miners rose more than 60 percent in the last one month, according to data compiled by the Ethereum mining pool, Sparkpool.

This is despite Ethereum’s price appreciating by 40 percent over the same period.

The increase in profit was a result of soaring transactions on the network and also slow growth in competition from other miners that focuses on Bitcoin, cryptocurrency most dominant coin.

The Sparkpool data showed Ethereum miners’ daily income expanded by over 60 percent from $1.85 per 100 megahashes second (MH/s) on the network as of June 27 to $3.27 as of July 25.

However, during the same period, ether’s price jumped by 40 percent from $229 it traded on June 27 to $314.39 as at the time of writing.

Ethereum rose $333.65 against the US dollar on Tuesday before pulling back to $314.39.

Presently, Ethereum has broken the $286.77 resistance level first established in February 2020, however, it is uncertain if the high flying coin can sustain the upsurge given lack of liquidity necessary to keep price above that resistance level.

Also, a sustained break of $362.73 key psychological level is needed to validate bullish resumption. This is because the last time Ethereum traded at that level was on July 22, 2018. Meaning a sustained break above that level would attract buyers to further push price higher given Ethereum relatively affordable price when compared to Bitcoin.