Ethereum Miner Revenue Triples Thanks To DeFi, Bitcoin’s Falls

KEY POINTS

  • Ethereum was more profitable to mine than Bitcoin in September 2020
  • Mining revenues soared because of the excitement over decentralized finance
  • As DeFi excitement wanes, observers are watching closely the launch of Ethereum 2.0

During the month of September, revenue from mining Ethereum has eclipsed that of Bitcoin’s thanks to the excitement surrounding decentralized finance (DeFi).

According to the data from analytics firm Glassnode, miners in the Ethereum network collected 450,089 ETH worth $168.7 million. This is a 39% increase from the previous month’s total of $113 million, Cointelegraph reported.

In contrast, miners in the Bitcoin network netted only $26 million in September, which is a decrease from the $39 million they earned the previous month. This effectively makes mining Ethereum more profitable than mining Bitcoin.

The increase in miner revenue came from the community’s excitement over decentralized finance (DeFi).

Several DeFi protocols and tokens made headlines last month. YFI, the governance token of Yearn.finance reached its all-time high of $43,678 on Sept. 12. That’s twice the all-time high of Bitcoin in 2017. Other noteworthy DeFi tokens that made headlines last month include UNI, the token of automated market maker UniSwap, and Sushi, the token of on-chain protocol SushiSwap.

Uniswap made headlines for dropping at least 400 UNI to anyone who used the Uniswap protocol prior to September 1. At one point, each UNI was worth $8, which meant anyone who received 400 UNI immediately had $3,200 in one day. 

DeFi without a doubt has renewed the demand for Ethereum. As more users want to get a piece of the DeFi tokens, the price of each transaction fee has ballooned. Cointelegraph noted that at one point, a standard transaction on Ethereum hit at least $15 on average. The publication said this is good in the short-term, as the

Vedanta falls 10% after delisting attempt fails

BENGALURU (Reuters) – Shares of Vedanta Ltd fell 10% on Monday as the miner’s attempt to buy back shares and delist itself failed, forcing it to return all the shares tendered as part of the process.

Over the weekend, the company said https://bit.ly/36SWyBq the delisting process failed as it did not get the required number of shares needed. For a successful delisting, 1.34 billion shares had to be tendered, while the company received just 1.25 billion shares.

Group chairman and billionaire Anil Agarwal told https://bit.ly/2GMjhUY CNBC-TV18 on Friday the company will go for a counter offer if it was needed.

Vedanta shares fell to 109.70 rupees apiece on Monday. Since the delisting announcement was made in May, the shares have risen nearly 37% as of last close.

The company’s parent, Vedanta Resources Ltd , which owns 36.80% of the Indian unit, had then said it would delist and take the company private to speed up the process of simplifying its corporate structure amid the coronavirus crisis.

The company had said it was willing to accept shares tendered in the offer at 87.5 Indian rupees per equity share. For the quarter ended June 30, the miner had reported a loss of $1.7 billion rupees.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun Koyyur)

Source Article