Bitcoin Miners Saw 11% Revenue Drop in September
Miners generated an estimated $328 million in September.
Updated Mar 6, 2023 at 3:40 p.m. UTC
![Monthly aggregate bitcoin mining revenue since Jan. 2016](https://www.coindesk.com/resizer/Kqela-bsQdEkchxNjO-_n_e77PM=/567x369/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/P5ABMNOEWJGBLHCNTOHHRLT7PU.png)
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](https://www.coindesk.com/resizer/H96Ty1g6sYCm3WTkkz5140twjZo=/560x365/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FY5LGEOFHFG4VHDNV3NYLZBERU.png)
- Bitcoin's average transaction fee bounced between $1 and $5 through September.
- As some cryptocurrency traders are rotating funds from altcoins and stablecoins into BTC, miners can have hopes for a higher BTC price and subsequent revenue growth through October.