Bitcoin Miners Posted $354M in Revenue Last Week, Breaking Record From 2017

Last week's mining revenue eclipsed the previous record set in mid December 2017.

AccessTimeIconFeb 15, 2021 at 1:44 p.m. UTC
Updated Mar 6, 2023 at 3:19 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin miners set a new record for weekly revenue after bringing in $354.4 million last week.

  • Mining revenue growth was helped by the leading cryptocurrency's performance last week following a string of positive developments, culminating in bitcoin hitting new record highs over the weekend just below $50,000.
  • "Despite [a] decreasing block reward, mining revenue on a USD basis has trended upwards," said Ethan Vera, co-founder of Seattle-based mining company Luxor Technology, in a direct message with CoinDesk. "This is encouraging for the long-term prospects of Bitcoin’s security and continued investments" over the next few halvings.
  • Weekly revenue eclipsed the previous record of $340 million set in mid-December 2017 near the peak of bitcoin's prior bullish market cycle. CoinDesk revenue estimates based on network fees and block subsidy data from Coin Metrics assume miners sell their bitcoins immediately.
  • Over 15% of the week's revenue was from network fees, continuing a trend of strong growth in fee-based revenue from May 2020, per CoinDesk's prior reporting.
  • "Our miners are incredibly bullish on the future of mining," Vera told CoinDesk. "January and February 2021 have been record months for most of them, and they are taking all of their profits and reinvesting it back into their business to grow future hashrate."

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.