Bitcoin and Ethereum miner revenue declined by 42% and 53%, respectively, in June

Quick Take

  • The total revenue of Bitcoin and Ethereum miners fell sharply in June compared to May.
  • Still, their revenues are higher than December 2020 levels, when both bitcoin and ether were trading at lower prices.

The total revenue of Bitcoin and Ethereum miners declined by 42% and 53%, respectively, in June, compared to the previous month.

According to The Block's Data Dashboard, Bitcoin miners raked in $839 million in revenue during June, compared to $1.45 billion in May. Bitcoin's price drop and a drop in transaction volume (and therefore fees) appear to be the two main reasons behind the revenue fall. Bitcoin's hash rate has also fallen by 50% since its peak in May, which has temporarily slowed down the rate of block production until the next difficulty adjustment — potentially also affecting revenue numbers.

The share of bitcoin mining revenue from transaction fees fell to 5% in June from about 9% in May as the number of daily transactions dropped to near 200,000 in June — a level not seen since August 2018, compared to about 300,000 daily transactions in May.

Ethereum mining revenue 

Ethereum miners also saw their revenue decline in June, to about $1.1 billion, compared to an all-time high of $2.35 billion reached in May. Both the price decrease and a drop in transactions on the network will have contributed to this.

Of the $1.1 billion figure, only around $166 million came in the form of transaction or gas fees — a significant decline compared to the previous month — as fees plunged to a six-month low during June. Block subsidy payments to Ethereum miners made up the remaining nearly $940 million.

While the June revenues of Bitcoin and Ethereum miners declined sharply, those are still above their December 2020 levels, when bitcoin and ether were trading lower, closer to the $20,000 and $1,000 levels.

At the time of writing, bitcoin is trading at around $33,300 and ether at about $2,200.

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