- Ethereum was more profitable to mine than Bitcoin in September 2020
- Mining revenues soared because of the excitement over decentralized finance
- As DeFi excitement wanes, observers are watching closely the launch of Ethereum 2.0
During the month of September, revenue from mining Ethereum has eclipsed that of Bitcoin’s thanks to the excitement surrounding decentralized finance (DeFi).
According to the data from analytics firm Glassnode, miners in the Ethereum network collected 450,089 ETH worth $168.7 million. This is a 39% increase from the previous month’s total of $113 million, Cointelegraph reported.
In contrast, miners in the Bitcoin network netted only $26 million in September, which is a decrease from the $39 million they earned the previous month. This effectively makes mining Ethereum more profitable than mining Bitcoin.
The increase in miner revenue came from the community’s excitement over decentralized finance (DeFi).
Several DeFi protocols and tokens made headlines last