Bitcoin Miner Revenue
Miners are earning $28.6M per day on average, down from $31.5M. Network income is compressing and this signal is bearish.
What is Bitcoin miner revenue?
Miners secure the Bitcoin network by expending energy to produce blocks, and they are paid in two ways: the block subsidy (newly issued Bitcoin, currently 3.125 BTC per block) and transaction fees paid by users. Miner revenue is the combined dollar value of both, per day.
Revenue therefore moves with two healthy things at once: the Bitcoin price (the subsidy is denominated in BTC but spent in dollars) and on-chain demand (fees rise when people compete for block space).
This tracker takes the 7-day average of daily revenue from Blockchain.com and compares it with the preceding weeks to score the trend.
Why it matters for the bull market
Miner revenue is the network’s income statement. Honesty first: because the block subsidy is a fixed amount of BTC, most of this figure is simply the Bitcoin price wearing a hard hat, and it will usually co-move with the price signals. The marginal information is in the fee component, which rises only when people are actually competing for block space. In bull markets both parts expand together; in bears they compress until the least efficient miners shut down.
It also carries real economic consequence. Revenue pays for the hashrate that secures the network, and miner distress (revenue collapsing after price crashes or halvings) has historically clustered near cycle bottoms, when forced sellers finish selling. Watching the trend rather than the level keeps the signal comparable across cycles and across halvings.
Frequently asked questions
Where does miner revenue come from?
Two sources: newly issued Bitcoin (the block subsidy, currently 3.125 BTC per block) and transaction fees users pay to get into blocks. Both are converted to USD for the daily figure.
Why does rising revenue track bull markets?
Because both of its inputs rise together in healthy markets: the Bitcoin price lifts the dollar value of the subsidy, and heavier on-chain activity lifts fees. Falling revenue means price weakness, quiet usage, or both.
What do halvings do to this signal?
Each halving cuts the subsidy half of revenue overnight, which shows up as a step down. Scoring the trend over recent weeks rather than the absolute level lets the signal recover its meaning quickly after each halving.
Where is the data from?
Blockchain.com’s miners-revenue chart, sampled daily. The tracker compares the latest 7-day average against the prior weeks and refreshes hourly.