Bitcoin miners generated an estimated $328 million in revenue in September, down 11% from August, according to Coin Metrics data analyzed by CoinDesk.

  • The moderate decrease in revenue came as bitcoin (BTC) stumbled through September, closing the month down 8% after gaining over 25% through July and August.
  • Revenue estimates assume miners sell their BTC immediately.
september-miner-rev
Monthly aggregate bitcoin mining revenue since Jan. 2016
Source: Coin Metrics, CoinDesk Research
  • Network fees brought in $26 million in September, or just over 8% of total revenue, down 2 percentage points from fees comprising 10% of revenue in August.
  • Notably, fees as a percentage of total revenue continues a strong upward trend since April after the block subsidy halving in May.
  • Increases in fee revenue are important to sustain the network’s security as the block reward decreases every four years.
miner-fee-percent
Network fees as a percentage of miner revenue since Jan. 2016
Source: Coin Metrics, CoinDesk Research

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