The Face off between Ethereum and Bitcoin!
In Block Chain, two currencies that hold the highest value are Bitcoin and Ethereum. Both the currencies have been at the top in giving the highest value to the miners. Though Bitcoin was leading the race, Ethereum has gained a lot of popularity off late and has started to consistently dominate Bitcoin.
Why did Ethereum get the popularity? Let’s dive deeper into the subject to Understand.
We all know that the Bitcoin Block Chain is limited to enabling digital decentralised money, which is money that is not issued by a central authority. Ethereum Block Chain is definitely different in that as it can host both other digital coins, and decentralized applications. The best-known decentralized app on Ethereum is “Smart Contracts” which are the programs that run automatically.
The evolution of Ethereum has been enormous since its inception. In a crowd sale in 2016, one of the smart contracts known as “THE DAO” raised a record US$150 million.
But why the Fiscal Burst?
- The platform’s speed of innovation was one of the primary causes for Ethereum’s financial boom above bitcoin. Ethereum is where over 90% of the cryptocurrency activity takes place. Decentralized finance first appeared in the year 2020. These Defi’s allow users to profit from their cryptos, particularly their crypto tokens.
- The second and most essential cause in the financial explosion was Ethereum 2.0. The key features of Ethereum 2.0 include the elimination of transaction fees and the elimination of environmentally harmful mining that is required to run the Ethereum blockchain.
Let’s find out how Ethereum is dominating Bitcoin!
For the first time in crypto history, Ethereum Block chain has seen higher income than Bitcoin Block chain for four months in a row. In April, Bitcoin miners brought in $1.16 billion, while Ethereum miners brought in $1.39 billion. In comparison to Bitcoin, Ethereum’s revenue climbed by 3% in March.
Why the disparity in mining revenue?
The price of the cryptocurrency and the number of coins generated throughout the time period were two main elements that contributed to the gap.
Ethereum had a surge in April because its price ranged from $3000 to $4000 per coin, which was greater than in March. In April, Bitcoin, on the other hand, traded in the region of $37000 to $44000 per coin. Based on this data, it’s safe to assume that more Ethereum coins were mined than bitcoin.