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Bitcoin Miners Saw 11% Revenue Drop in September

Miners generated an estimated $328 million in September.

Updated Mar 6, 2023, 3:40 p.m. Published Oct 2, 2020, 7:42 p.m.

Monthly aggregate bitcoin mining revenue since Jan. 2016

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

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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

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.

Bitcoin Mining Transaction Fees Mining Revenue

Zack Voell

Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.