Ethereum miners made record revenues in May and have again outperformed Bitcoin miners. According to Coin Metrics, the former earned $2.35 billion in a month versus $1.45 billion for BTC miners. Compared to April, the revenue of miners of the second largest cryptocurrency by capitalization increased by 42.4%.
The last time Ethereum miners' revenues exceeded those of Bitcoin miners was back in February, when the former received $1.37 billion versus $1.36 billion for Bitcoin miners.
The widening gap in May is due to the different behavior of BTC and ETH in the market. For several months, Bitcoin has remained below all-time highs, while Ether has reached new highs above $4,100. In addition, the Ethereum network has again experienced a surge in its workload, leading to a sharp increase in commissions. Ether miners earned more than $1 billion in commissions in one month, while for Bitcoin the figure stands at $130 million.
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Ethereum is preparing for its London hard fork, which includes the proposed EIP-1559 upgrade. The upgrade will result in most of the commissions that go to miners today being burned by the protocol. In the future, Ethereum will move to the proof-of-stake consensus protocol, in which staking will replace mining.