Ethereum mining revenue drops significantly to its lowest level in 7 months
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Answer Ethereum mining revenue drops significantly to its lowest level in 7 months
Ethereum mining has become less profitable with the progress of upgrading the Ethereum network towards Ethereum 2.0.
Recent data published by analytics platform Glassnode shows that Ethereum mining revenue hit a low of $1.59 million recently.
According to the same analytics platform:
Ethereum mining revenue just reached a 7-month low of $1,593,570.21.
The previous seven-month low of $1,631,770.34 was observed on August 4, 2021.
The difficulty of mining Ethereum also reached its lowest level in one month.
Overall activity across the Ethereum network has decreased in the past few weeks, along with the decline in the price of Ethereum.
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On March 4, 2022, the average ETH transaction volume touched its lowest level in more than 4 weeks.
Glassnode added that transaction volume just reached a one-month low of 0.081 ETH.
Ethereum has faced price challenges over the past three months, as the coin made a recovery at the end of February and crossed the $3,000 level.
But it did not take long and fell again under the $3000 level and is still below it until the time of publishing this article.
Ethereum network:
While most indicators across the Ethereum network have fallen in the past few weeks, some Ethereum addresses continue to accumulate.
For example, the total number of Ethereum addresses with at least 0.1 Ethereum reached an all-time high of nearly 7 million.
The number of addresses containing 0.1+ Ethereum reached an all-time high of 6,966,634 addresses.
The previous record reached 6,966,041 on March 03, 2022, according to the “Glassnode” platform.
Additionally, the total number of Ethereum addresses with non-zero balances touched an all-time high with over 76 million addresses today.
Ethereum witnessed a rise in the number of currencies heading towards trading platforms, especially after Russia declared war on Ukraine.
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Santiment stated in its latest report:
We also noticed that traders’ returns are unusually high, and MCD debt is being reduced quickly as long-term traders have sold at a loss.
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