IT happened: ETH miners mine ~5.2m$ daily while BTC miners 3.6M$

[XbladeX]

I was wondering when it will happen - that was fast. If you make your maths BTC is less profitable to mine than ETH today.

ETH inflation rate ~14%, while BTC inflation is 4%.

Formula is: (Marketcap*inflation)/365

And you will end with ETH 5.2m$ while BTC mine 3.6M$.

In other words more money is coming to ETH than to BTC today. Will BTC give away top position to ETH ?

PS: This is big ring bell to BTC miners I see that they deserved such event but it will be stupid to let it go. Without Segwit BTC will miss most new money soon - I hope greed will woke them up.

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[freedomno1]

It does make me curious how many people are researching how to run an Ethereum miner.
At this point both currencies are growing, on the question will ETH pass BTC price wise perhaps/perhaps not the future is not set in stone Ethereum does have its platform system going for it though but first adopter means that Bitcoin will exist for a long time to come.

[Eternu]

As far as i know, bitcoin is strongest and widest used cryptocurrency in the world. That is now only for show. There are other cryptocurrency as well , but i think they will not become stronger than bitcoin. There is long future ahead of bitcoin, and i hope it will last long to meke us able to make some money ☺ . But it could happen that bitcoin die, i mean everything is possible, but i hope it wont.

[XbladeX]

As far as i know, bitcoin is strongest and widest used cryptocurrency in the world. That is now only for show. There are other cryptocurrency as well , but i think they will not become stronger than bitcoin. There is long future ahead of bitcoin, and i hope it will last long to meke us able to make some money ☺ . But it could happen that bitcoin die, i mean everything is possible, but i hope it wont.

Trafic jam effect is kicking into effect. China miners were thinking that people will use LTC but...
as i predicted they went to ETH faster/greater volume.
Bitcoin will not die but without HIGH tech solutions like segwit LN BTC will be shadow of cryptocurrency and this is SAD but true. I hate those miners anyway but they are taking now HARD lesson.

[25hashcoin]

But why would anyone want to use or hold a buggy, inflationary, mutable, centralized bankster sql database token? Hype will die, and scamthereum along with it.

[XbladeX]

But why would anyone want to use or hold a buggy, inflationary, mutable, centralized bankster sql database token? Hype will die, and scamthereum along with it.

We will see now we have bubble there is no tractional decisions around. ETH is more catchy  for nobs to hype.
"ETH as BTC2.0"... with minimum fee 0.075.

Market just tells miners better get some solution or market will support more other coin this is true message.
Miners need to decode it. BTC price not collapse but other are rising faster this is another scenario.
Where more money goes to alts it will signal that some alts will be more secure than BTC.

[unamis76]

This has been ongoing for years. There are more energy efficient algos than SHA. That's why multipools exist, to mine whatever is most profitable and sell for BTC.

BTC won't give way just because another currency is more profitable. Otherwise it would have given way years ago.

[piebeyb]

I think maybe ETH mining is more profitable than BTC, but at least you need to think about many things before mining

[mining1]

You're one of the stupid ones i see. It's not about being or not more profitable to mine. It's about how much value it generates per day by mining. Bitcoin dominated this chart since it's inception, generating atleast 10 more value than any other project out there. That is why bitcoin maximalists showed this off when they claimed bitcoin should be the only blockchain because it is the most secure. Not anymore.

[XbladeX]

***  Not anymore.

Yes and this is sad that has happened even on probably of false promise .
But market gives BTC miners strong signal "you are doing wrong we will support/looking for alternatives" .
Scaling is great example of BTC weakens , but truly decentralized system will have same issue here.
ach most coins are not decentralized so will make fast solutions.

[Yakamoto]

As far as i know, bitcoin is strongest and widest used cryptocurrency in the world. That is now only for show. There are other cryptocurrency as well , but i think they will not become stronger than bitcoin. There is long future ahead of bitcoin, and i hope it will last long to meke us able to make some money ☺ . But it could happen that bitcoin die, i mean everything is possible, but i hope it wont.

It all comes down to the community and merchants and seeing how they interact with each other. If ETH continues to move in the way it has it may start to garner some interest from merchants, but for right now it's being toted as a centralized crypto being developed around functionality rather than value. A similar thing happened with XRP, and now it is in a stagnant position compared to where it was.
Bitcoin will likely not die as long as the community stays with it and the money keeps moving. Only when that stops will Bitcoin die.

[Pursuer]

altcoin mining have always been much more profitable, and bitcoin miners are also doing it already. you may not know it but they are doing it.
go check out coinwarz and find a lot of profitable altcoins to mine which are much more profitable than mining bitcoin!

and besides everyone knows there is a lot of profit in pumping altcoins. the inflation rates you are coming up with proves this

[jonald_fyookball]

***  Not anymore.

Yes and this is sad that has happened even on probably of false promise .
But market gives BTC miners strong signal "you are doing wrong we will support/looking for alternatives" .
Scaling is great example of BTC weakens , but truly decentralized system will have same issue here.
ach most coins are not decentralized so will make fast solutions.

yes the miners are being moronically short sighted... its what i tried to say in my letter to the miners.. dont be fooled by the high price. but they are still complacent and not signaling for scailng solution... very dumb.

2/3 are signaling, but 1/3 is being stupid.

blockstream/core is also very obviously malicious , go ahead and troll me for saying that, i dont care but everyone outside the forums sees it. knows it.

[freedomno1]

altcoin mining have always been much more profitable, and bitcoin miners are also doing it already. you may not know it but they are doing it.
go check out coinwarz and find a lot of profitable altcoins to mine which are much more profitable than mining bitcoin!

and besides everyone knows there is a lot of profit in pumping altcoins. the inflation rates you are coming up with proves this

I guess the fun part with that type of mining is if all the altcoins are rising together which coins will be the best one to mine in the long run not just the immediate ROI.

[iamTom123]

In my opinion,  if there would be another currency that can easily compete with and maybe replace Bitcoin then it should be Ethereum. It has a well-placed platform being used by many other coins as well and it is now also getting popular with many businesses. The future is always looking bright for Ethereum and with its current price there is a big room to grow. No wonder miners are now rushing to this coin and they are realizing good profits minus the clogged trafficways.

[GenTarkin]

If ETH still plans on going PoS you may as well kiss it goodbye. PoS is horrible.

[White sugar]

"In other words more money is coming to ETH than to BTC today"

We have a Sherlock Holmes.

If the eth/btc ratio is growing, or in other words, if eth growth in % more than Bitcoin, then of course more money flow to eth than to Bitcoin.

Of course things aren't statics and there is no reason to think it will be so forever

[Herbert2020]

I was wondering when it will happen - that was fast. If you make your maths BTC is less profitable to mine than ETH today.
ETH inflation rate ~14%, while BTC inflation is 4%.
Formula is: (Marketcap*inflation)/365
And you will end with ETH 5.2m$ while BTC mine 3.6M$.

can you explain why you used this math to calculate how much miners are earning? because it seems completely irrelevant to how much they are earning!

this is how much miners are earning each day based on average blocks that are mined and the fixed block reward:
BTC (last 24 hours) : 1,838 BTC ($3,929,521.3 USD)
ETH (last 24 hours) : 27,200 ETH ($4,245,054.28 USD)

so obviously when your total block reward is 14.8 times more than bitcoin you earn more reward in total. and that total is only 0.08 times more!

so yeah ethereum miners are making 0.08 times more profit than bitcoin miners

[Nagadota]

I was wondering when it will happen - that was fast. If you make your maths BTC is less profitable to mine than ETH today.
ETH inflation rate ~14%, while BTC inflation is 4%.
Formula is: (Marketcap*inflation)/365
And you will end with ETH 5.2m$ while BTC mine 3.6M$.

can you explain why you used this math to calculate how much miners are earning? because it seems completely irrelevant to how much they are earning!

this is how much miners are earning each day based on average blocks that are mined and the fixed block reward:
BTC (last 24 hours) : 1,838 BTC ($3,929,521.3 USD)
ETH (last 24 hours) : 27,200 ETH ($4,245,054.28 USD)

so obviously when your total block reward is 14.8 times more than bitcoin you earn more reward in total. and that total is only 0.08 times more!

so yeah ethereum miners are making 0.08 times more profit than bitcoin miners

That's equally dumb maths.

A coin being "more profitable" than another to mine is only about its difficulty relative to the price of hardware.

Naturally, every coin becomes equally profitable to mine unless the price is shooting up too fast for the difficulty to basically keep up, which it is with ETH.  Whatever miners mine in total is irrelevant, and it's very hard to compare Bitcoin and Ether mining since one uses ASICs while the other uses GPUs.  It's hard to tell what people are paying for hardware relative to what they're actually earning.

[Lauda]

This thread is bullshit and OP is a baboon. I'm tired of this centralized, bankster coin propaganda in the Bitcoin section. Get your own forum and shill ETH there.
1) Calculation is nonsensical. Basic cherry picking fallacy.
2) Calculation does not include fees. Bitcoin fees per day are over 300 BTC right now.
3) ETH security is a joke in comparison to Bitcoin. The valid metric is total energy expenditure as we can't directly compare the Bitcoin hashrate to ETH hashrate (even though BTC destroys is in this aspect as well).
4) ETH is in a massive bubble (learn to read charts) whilst the BU attack on Bitcoin stalls progress.
5) A bankster coin is easy to pump.
6) Calculation is off. See this: https://bitinfocharts.com/
7) Change the misleading title.