Bitcoin mining generates 8x more profit than the competition

In Cryptocurrency mining, the cryptominers are responsible for authenticating the transactions of different digital currencies and then updating the blockchain with the transaction; cryptocurrency miner needs to have a computer with specialized hardware in order to compete with other crypto miners. The first cryptominer to crack the code is rewarded; by being able to verify the transaction and earns digital currency as a return for the services provided.

A common misconception prevails that all cryptocurrencies reward the miners with a similar amount of money, which is not true. Bitcoin is the only digital currency which rewards its miners with 8x more profit than any other cryptocurrency.

According to the latest statistics, Bitcoin was rewarding its miners with a record amount of $580000 on May 10, 2019. Although Ethereum stands at the second position of the highest rewarding cryptocurrencies, even then, there is a huge gap between the two cryptocurrencies. Ethereum was rewarding its miners with a transaction profit of $68000. Lite miners, however, received a total of $1100 as a reward for providing services.

Although Bitcoin is lucrative than any other cryptocurrency, however, there are several other variables also at work which determines how much the miner would earn and they are; hash rate, electricity rate, power consumption, Bitcoin reward per block and mining difficulty as well.