With the Ethereum [ETH] transaction fees soaring, the daily profit which will be achieved by miners on the network is now at its highest point since the past 27 months.
Recent data revealed by BitInfoCharts shows that the daily profitability for Ethereum miner operators is at $5.8 USD per 100 megahashes second (MH/s) of computing power – A level not seen since early May 2018.
The increasing profitability is a results of the recent price hike of the Ethereum [ETH] cryptocurrency and a surge in transaction fees brought on by increasing levels of decentralized finance [DeFi] activities on Ethereum.
As a result, most of Ethereum mining equipment is now ready to operate with a margin of profit above 90% even at an electricity cost of $0.05 USD per kw-hour.
Some more state-of-art equipment can mine with a margin of profit of as high as 97%, consistent with data tracked by mining pool F2Pool.
Earlier in July alone, the profitability metric soared by over 60%, as reported by ETH official website.
At the reporting time, ETH was changing hands at around $320 USD and daily mining profitability was about $3.27 USD per 100 MH/s.
Within the past 2 weeks, Ethereum [ETH] prices are closer to $400 USD per token.
It’s worth noting that data from Glassnode reveal that the entire daily revenue for Ethereum miners in dollar terms haven’t yet exceeded the extent seen in May 2018.
However, the entire hash rate securing Ethereum on the average is now around 200 petahashes per second (PH/s), while it had been over 270 PH/s over 2 years ago, network data shows.
That means mining is now less competitive and therefore the achievable profitability per 1 megahash power is higher, even though total mining revenue isn’t.
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