Bitcoin Miners Saw 11% Revenue Drop in September

Miners generated an estimated $328 million in September.

AccessTimeIconOct 2, 2020 at 7:42 p.m. UTC
Updated Mar 6, 2023 at 3:40 p.m. UTC
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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.
  • 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.
Network fees as a percentage of miner revenue since Jan. 2016
Network fees as a percentage of miner revenue since Jan. 2016


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