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.

[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.

[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

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.

well there are a lot of factors to consider if we want to begin comparing how much miners are really making as profit while mining each coin. of course it is not just the total. the numbers that i shared are true while ignoring all the costs associated with mining (eg equipment, electricity, labor).

otherwise you first have to let ethereum hasrate grow as big as bitcoin's 3.377 Ehash/s and then let the difficulty also grow to equal bitcoin then let some mining farms shape up and then compare them.
right now the difficulty comparison is ridiculous: https://bitinfocharts.com/comparison/difficulty-btc-eth.html#6m it can't even be seen on the chart since it is too small!

and also not to mention all the sell pressure that the block reward of ethereum will cause in the long term. it is 14.8 times more pressure! and miners always dump their reward if you want to calculate it it USD. and currently the only reason why that massive sell pressure is not felt is because the coin is being pumped and there are a lot of ICOs running on it which is causing a fake demand. you can't participate in these ICOs with anything else other than buying ETH tokens!

[XbladeX]

***
right now the difficulty comparison is ridiculous: https://bitinfocharts.com/comparison/difficulty-btc-eth.html#6m it can't even be seen on the chart since it is too small!

***

like you see difficulity =/= price
price :
-innovation
-new people
-new uses
-believe that it will rise
difficulty:
- ASICs 10nm> 20mn... and difficulty rise 2x at same power needed to maintain power cost
- BTC diff is following price or  technolgy jump in chips not in another way
- ETH have GPU mining and many small people mine ETH they don't dump ASAP while BTC miners dump ASAP
- Asicboost : )...

Sure that in numbers ETH miners are getting BIG money now comparing to difficulty they dump a lot but same time ETH in price rise and rise.
till it will stop rising same as BTC.

[XbladeX]

***
1) Calculation is nonsensical. Basic cherry picking fallacy.
***

thisi is math do you really want discuss with math facts?

***
2) Calculation does not include fees. Bitcoin fees per day are over 300 BTC right now.
***

if you even add that fees it doesn't matter today ETH jump eat those fees in ETH price in ratio today ETH will be higher

***
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).
***

Then why BTC miners can not attack it with its hashrate put there 0.1% to wipe/FORK ETH their chain.
Ohw,,, BTC miners cannot do it... so whole hashrate is BS this is illusion mate.

***
4) ETH is in a massive bubble (learn to read charts) whilst the BU attack on Bitcoin stalls progress.
***

This is in 3x ATH vs BTC right now, even with lowest fees avaible 0.075$ transactons are going in 2mins maks ,
while BTC transactions needs 7$ fee to be used normally.
What is in bubble ? Is BTC still currency or E-gold now only?
BTC and ETH both are in bubble vs that what they bring to table.

***
5) A bankster coin is easy to pump.
***

2 weeks ago JP mogrgan left aliance with ETH again so not that much bankers coin that it is.
ETH have 50% BTC volume 500m - this not easy to pump mate.
Add to that ETH have 14% iflation.

***
7) Change the misleading title.
***

No i won't becouse Bitcoin maxymalist have to be aware that market is signaling that BTC is not king of investments anymore,
market shows that stagnation vs mutability is much better and is worth extra money.
ETH may fall in price but market will seek innovators not stagnating coins this is true message for us for BTC miners.
Or Bitcoiner will take lesson or will cry some day that they lets others take their place.
Some day pump will be over.

[Lauda]

1) Calculation is nonsensical. Basic cherry picking fallacy.

thisi is math do you really want discuss with math facts?

Cherry picking logical fallacy. Get some basic education before you try to create an argument.

2) Calculation does not include fees. Bitcoin fees per day are over 300 BTC right now.

if you even add that fees it doesn't matter today ETH jump eat those fees in ETH price in ratio today ETH will be higher

If you don't factor them in, you are intentionally misleading the audience. This indicates that you are either incompetent or intentionally trying to mislead them with a false argument.

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

Then why BTC miners can not attack it with its hashrate put there 0.1% to wipe/FORK ETH their chain.
Ohw,,, BTC miners cannot do it... so whole hashrate is BS this is illusion mate.

Bullshit. BTC mining is completely different to ETH when it comes to hardware. Bitcoin mining is done with highly efficient ASICs, which can't be said for ETH. All of the ETH GPU mining hashrate wouldn't even put a dent into Bitcoin if they switched over.

4) ETH is in a massive bubble (learn to read charts) whilst the BU attack on Bitcoin stalls progress.

This is in 3x ATH vs BTC right now, even with lowest fees avaible 0.075$ transactons are going in 2mins maks ,

Irrelevant.

while BTC transactions needs 7$ fee to be used normally.

False. You don't even understand how proper fees are calculated. They are nowhere near $7 "to be used normally".

What is in bubble ? Is BTC still currency or E-gold now only? BTC and ETH both are in bubble vs that what they bring to table.

1) Bitcoin is both a currency and the true digital gold.
2) ETH can't be digital gold as it is mutable (see DAO Bailout by High King Vitalik) and the consensus failures in 2016.
3) ETH is in a massive bubble.

5) A bankster coin is easy to pump.

2 weeks ago JP mogrgan left aliance with ETH again so not that much bankers coin that it is.

Bankster & corporation coin and a carefully crafted MLM scam with all the ICOs that solely rely on ETH. Such ICOs are pushed for two things:
1) They force people to buy ETH to invest in said ICOs.
2) They lock a huge percentage of ETH away from the market.
Both of these points push the price of ETH way above any reasonable "market value".

No i won't becouse Bitcoin maxymalist have to be aware that market is signaling that BTC is not king of investments anymore,

You're an idiot fueled solely by greed. You did not come here for the vision that was put forth Satoshi, you are here to make money.

market shows that stagnation vs mutability is much better and is worth extra money.

No. Bankster money can put ETH 100 times above BTC in a single day. Don't fool yourself with "the market". "The market" are the people, decentralization, not bankster & corp. money.

ETH may fall in price but market will seek innovators not stagnating coins this is true message for us for BTC miners.

BTC is not stagnating. Wake up.

Or Bitcoiner will take lesson or will cry some day that they lets others take their place. Some day pump will be over.

Spoken like a true, uneducated, and delusional shill.
The only thing that I see here is someone who can't cope with the fact that they did not buy BTC at prices allowed by your minuscule net worth:

[XbladeX]

***
Get some basic education before you try to create an argument.
This indicates that you are either incompetent or intentionally trying to mislead them with a false argument.
You're an idiot fueled solely by greed. You did not come here for the vision that was put forth Satoshi, you are here to make money.
Spoken like a true, uneducated, and delusional shill.
The only thing that I see here is someone who can't cope with the fact that they did not buy BTC at prices allowed by your minuscule net worth:
***

I think that I am done with you - becouse offending people is not my goal.

You can shout at me louder but that won't make any change that ETH mining is getting more fiat inject than BTC.
Your shouts at me won't change BTC high fees like 1$ (like 50sat/byte 2input/2output) and that transaction has stuck for days.
Your shouts won't convince me that we have over two years any working scaling solution in place.

[Lauda]

I think that I am done with you - becouse offending people is not my goal.

I was not offending you. I was objectively describing what type of person you are. Your understanding of crypto is completely flawed, which can simply extrapolated from the fact that you suggested that BTC miners should switch over their hashrate to ETH.

You can shout at me louder but that won't make any change that ETH mining is getting more fiat inject than BTC.

Another uneducated and misleading lie. The ETH price is primarily fueled by an influx (or as you'd put it "injection") of Bitcoin not fiat into ETH (although Korea has been going a bit crazy about ETH now).

Your shouts at me won't change BTC high fees like 1$ (like 50sat/byte 2input/2output)

False. Bitcoin fees are not priced in USD. Bitcoin fees are completely dislocated from the price in USD and are measured in Satoshis per byte or per kiloByte (usually, even though you could use any unit for digital information). Furthermore, the fees are constantly variable and depend on:
1) The current block space scarcity (which is 1 MB).
2) Current demand for Bitcoin transactions.
3) Demand for storing information on the Bitcoin blockchain (this is not the same as the above).
4) Market willingness to pay for point 2 and 3.
A combination of these (among a few other things) decide the recommended fee-rate in satoshis/byte for inclusion in [X] blocks. ETH fees are already massively rising and ETH is not even near its current TPS limit. Monero fees are almost half of the Bitcoin average fee and the transaction volume isn't even comparable. When will you wake up, do some research, and realize that these chains scale even more inefficiently than Bitcoin does (which is already an inefficient system due to its decentralization)?

and that transaction has stuck for days.

There is no such thing as a "stuck transaction".

Your shouts won't convince me that we have over two years any working scaling solution in place.

Neither ETH nor ETC have any kind of scaling solution either. You are in luck that liberalism allows any idiot to write whatever nonsense he or she wants and almost anywhere that they want.

[XbladeX]

I think that I am done with you - becouse offending people is not my goal.

I was not offending you. I was objectively describing what type of person you are. Your understanding of crypto is completely flawed, which can simply extrapolated from the fact that you suggested that BTC miners should switch over their hashrate to ETH.
***

My point was sarcasm that BTC hashrate is overrated as metric when you compare coins security.
BTC can not attack any other alg with its hashrate, but what is funny it  threatens BTC camps each other with 51% attacks Segwit/Bigblocks non stop...
Where is that security then ? Don't you see flaws in that system : ) ?

[Lauda]

My point was sarcasm that BTC hashrate is overrated as metric when you compare coins security.

No. You have no point. BTC security destroys any other coins by a long margin.

BTC can not attack any other alg with its hashrate, but what is funny it  threatens BTC camps each other with 51% attacks Segwit/Bigblocks non stop...

1) That is not how security is measured (it is not "proof-of-attacker").
2) The latter is also false and irrelevant. You can 51% fork away from Bitcoin. That changes nothing.

Where is that security then ? Don't you see flaws in that system : ) ?

Total energy expenditure, and the amount of capital required to reverse transactions is security. Forking or attacking a chain is an economically irrational move for the attacker. It would only strengthen the chain long-term considering the experts working on Bitcoin.
Why haven't you answered any other points that I've raised, yet continue to bash BTC and shill ETH?

[BitcoinHodler]

We've known that mining bitcoin isn't really profitable without efficient ASIC, low electricity price and low maintenance fees sing long time ago, so i think it's not surprising at all.
Also, altcoin such as ETH is really popular since it can't be mined with ASIC and even regular user can mine them from house.

I would be surprised if there's more merchant/company which accept ETH than BTC

that is irrelevant!
users could mine bitcoin at home too, once when the difficulty was low like how ETH difficulty is low right now. and an ASIC miner is not a magical tool it is just the same technology used in GPUs but with a lot more efficiency and dedicated to do only one job and that is to mine POW blocks.

if ETH gains enough attention and can keep up being profitable and its mining stays the same (which it won't) someone in China will build an equipment and call it AS..whatever and start a mining farm to mine ETH and difficulty will go through the roof and users can no longer mine it at home!

p.s. OP is not even talking about profitability for individuals!
p.p.s google ETH difficulty (mining) bomb and see how messed up the future of mining for ETH is going to be like

[zend7]

I am mining ethereum too in my mining pc but I ask to be paid in bitcoin through the nicehash software miner. The reason I mine Ethereum is I am not able to afford to mine with a S9 or T9 antminer so I choose graphic cards as they are easier to set up and use. In the end I like bitcoin and I see Ethereum only as a mean to arrive to Bitcoin.

Second, Ethereum has been hacked once while bitcoin never,so Ethereum will never have the support and development bitcoin has.

Those values mean nothing, as ethereum may be mined 5.2 mln but in the end 85% of it get instantly converted to bitcoin.

[emezh10]

I guess also that it is ethereum it more profitable at this time because of increasing number of the miners todays no doubt that it is very difficult to mine bitcoins today and the transaction speed is really annoying in the bitcoin so not even a good thing that hardware in bitcoin is high end good thing for eth miners.