Bitcoin and ethereum miners see revenue slip in June as crypto prices struggle to climb back from brutal selloff
- The revenue of bitcoin and ethereum miners approximately halved for the month of June.
- Both cryptocurrencies saw their prices drop and their transaction volume decrease.
- Bitcoin miners saw their revenue slip by 42% while ethereum miners saw theirs tumble by 53%, according to The Block.
The revenue of bitcoin and ethereum miners was nearly halved for the month of June, as the two largest cryptocurrencies by market capitalization saw both their prices drop and transaction volume decrease.
Bitcoin miners saw their revenue slip by 42% to $839 million compared to May's $1.45 billion, according to data from The Block. The hash rate of the digital asset has dropped 50% in June to its lowest level in a year.
Meanwhile, ethereum miners saw revenue tumble by 53% to about $1.1 billion compared to the previous month's all-time high of $2.35 billion, according to The Block.
Despite revenues slipping in June, figures are still much higher compared to December 2020, when bitcoin was trading at the $20,000-level and ethereum was roughly $1,000.
As of 11:10 a.m. ET, bitcoin is trading at $33,556 and ethereum at $2,126.