Miner Revenue
Total daily USD revenue earned by miners from block subsidies plus transaction fees. The economic lifeline of the mining industry and a key demand indicator for hash power.
What is it?
Miner Revenue totals each day the sum of block subsidy (newly issued BTC) and transaction fees (fees paid by users), converted to USD at the day's price. It is Bitcoin mining industry's total gross revenue. This revenue must cover electricity, hardware depreciation, cooling, and operations costs. When revenue falls below operational costs for the least efficient miners, capitulations follow. Revenue comprises two distinct components: subsidy (predictable, halving every ~210,000 blocks (~4 years)) and fees (variable, depending on block space demand).
How to read
Miner revenue in USD is strongly correlated with Bitcoin price (BTC revenue x USD price). Decompose into subsidy and fees for finer analysis. The fee/subsidy ratio is particularly informative: a rising ratio indicates the network is developing a sustainable security model beyond issuance. Use a 30-day moving average.
Key zones
Miner revenue has implicit floors defined by operational costs of the most efficient miners. When revenue approaches these costs, chain capitulations begin. After each halving, revenue drops mechanically by ~50% in BTC terms, testing industry resilience.
What to observe
Watch the subsidy-to-fees transition across halvings: this is Bitcoin's existential long-term security question. Also observe fee spikes from activity (Ordinals, BRC-20, Runes) - they demonstrated in 2023-2024 that block space demand can generate significant revenue independent of subsidy.
Historical context
Daily miner revenue grew from pennies in 2009 to tens of millions of dollars in 2021-2025. The 2024 halving reduced subsidy to 3.125 BTC/block, but fee spikes (Runes launch, April 2024) briefly pushed fees above subsidy - a historic event marking block space market maturity.
Expert notes
USD revenue is misleading in isolation as it is dominated by Bitcoin price variations. BTC revenue (subsidy + fees in native BTC) is more informative for evaluating intrinsic mining economics. Hash Price (revenue per TH/s) normalises revenue by competition and provides the best unit profitability measure.
Common mistakes to avoid
High miner revenue in USD does not mean miners are profitable - costs (electricity, hardware) have also risen. And rising revenue does not mean every miner benefits: inefficient miners can be at a loss even with record total revenue, as competition (hash rate) dilutes individual revenue.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/miner-revenue/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "miner-revenue",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.