Ethereum Mining Year on Year Overview
Since the launch of the network, Ethereum miners have mined over 54.8M ETH or $35.5B. Today, Ethereum has completed the Merge, much anticipated transfer to Proof of Stake, after which mining difficulty and hash rate has now dropped to zero. Mining of Ethereum had been a very profitable activity, and in 2021, when the price of ETH spiked, miners earned about $18.4B in total, which is almost a half of the whole revenue over the past 8 years. This new upgrade now means that Ethereum has become more energy efficient.
Now, ETH miners have several options. One of them could be to switch to other Proof of Work coins, such as Ethereum Classic, Ravencoin, Ergo, and others. Another option is to stick to the Ethereum PoW Fork, which is expected to be launched soon. However, these coins are in much less demand than the original Ethereum, and they offer substantially lower profit margins. In addition, the declining price of hardware makes it even harder to recover costs of recently bought mining rigs. The last option is to switch to staking, which might appear to be less profitable, but nonetheless could prove to be a sustainable option.