Bitcoin mining revenues down 16.2% in September

Quick Take

  • Bitcoin miners brought in about $550.5 million in revenue in September, down 16.2% from the previous month.
  • They made about 1.56 times the revenues of Ethereum miners and stakers combined.

Bitcoin mining revenue fell 16.2% in September to about $550.5 million, marking its fifth decline in the last six months and the lowest total since November 2020, according to data compiled by The Block Research.

Bitcoin generated about 1.56 times the revenues of Ethereum miners and stakers combined following the latter network's switch to proof-of-stake.

Most bitcoin mining revenues came from the block reward subsidy ($541.8 million) and only a small portion from transaction fees ($8.66 million). The share of bitcoin transaction fees over total revenue increased slightly to around 1.6%.

The network hashrate grew roughly 10.4% over the month of August and 0.6% during September.

In the most recent update, the network difficulty fell by 2.14%.

"Decreasing mining economics are leading to high-cost and low-efficiency miners shutting off," Ethan Vera, COO of bitcoin infrastructure company Luxor Technologies, told The Block. Parallel to this, as some miners liquidate hardware amid the bear market, those machines are coming offline and being sent to new locations.

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