Ethereum miners generated $936 million in 2019; 75% less than in 2018

As Ethereum looks to transition to Proof of Stake (PoS) this year, making all mining equipment obsolete, Ethereum miners generated $935.7 million in revenue in 2019, which is about 18.7% of what Bitcoin miners made throughout the same period.

Ever since inception, Ethereum has used Ethash mining algorithm, which was designed to be ASIC-resistant (by making it memory intensive). However, as Ethereum gained in popularity, several manufacturers such as Bitmain and Linzhi have released ASIC miners for Ethash as early as in April 2018. As a result, the Ethereum community has voted to activate the ProgPOW algorithm, which would narrow the performance gap between generalized and specialized hardware by as much as 90%. ProgPOW currently has a pending audit and could be implemented in the Berlin hard fork, which is expected to happen in mid-2020.