Bitcoin miner revenue chart (AUD: subsidy + fees)
Daily total Bitcoin miner revenue in AUD, combining the block subsidy (newly issued BTC) and transaction fees paid by users. Subsidy revenue steps down 50 percent at each halving (every ~4 years); fee revenue fluctuates with mempool congestion and spikes during memecoin / Ordinals / Inscriptions episodes. The chart shows both the daily noisy signal (grey, total) and the 30-day moving average (green) on a log scale. Halving boundaries are marked. Hover any day for the subsidy / fees split and the implied fee-share percentage. Computed AUD-native against the existing BTC AUD daily price file; fees fetched live from blockchain.info.
Chart
Log-scale daily Bitcoin miner revenue in AUD from 2014 onwards. Grey line = daily total (subsidy + fees, noisy). Green line = 30-day moving average (smoothed trend). Gold faint baseline = subsidy-only revenue (the floor that any miner is guaranteed). Halving dates marked with vertical dashed lines. Hover any day for the subsidy / fees split and the implied fee-share percentage.
What is miner revenue?
Bitcoin miner revenue is what a successful miner earns per block, summed across all blocks in a day. Each block produces two streams of value:
- Block subsidy. The protocol-issued reward in newly created BTC. Starts at 50 BTC per block, halves every 210,000 blocks (~4 years). At today's subsidy of 3.125 BTC and ~144 blocks/day, that is 450 BTC issued per day.
- Transaction fees. Sats paid by users to have their transactions included in the block. Variable; depends on mempool congestion. Sometimes <1 percent of subsidy, sometimes >50 percent.
Total daily miner revenue in any currency = (subsidy_BTC × 144 + fees_BTC) × price. The chart on this page computes this in AUD using the existing daily BTC AUD price series and the blockchain.info live-fees feed.
Fee share over time
The fee share (fees as a percentage of total miner revenue) tells the story of Bitcoin's evolving fee market:
- 2014-2016. Fees were trivial. Sub-1 percent of total revenue on most days. Block space was abundant; no congestion.
- December 2017. First major fee-market test. Mempool exploded during the cycle peak; on peak days fees exceeded 80 percent of subsidy value. Average tx fee briefly over $50.
- 2018-2020. Returned to 1-5 percent fee share through the bear and early COVID recovery.
- April-May 2021. Second major fee spike. China-ban-related miner stress combined with cycle-peak demand pushed fee share to 30-40 percent on multiple days.
- 2022. Bear market. Fee share collapsed back to 2-3 percent.
- May 2023. Ordinals / Inscriptions launch. First sustained fee-market shift in BTC history driven by a non-financial use case. Fee share regularly 20-40 percent during peak Ordinals activity.
- April 2024. Runes protocol launched at the halving block. Fees temporarily exceeded subsidy in absolute terms (briefly >50 percent of total revenue) for several days.
- 2024-2026 baseline. Fee share has stabilised in the 5-15 percent range, higher than pre-Ordinals norms because the post-halving subsidy is half as large and Ordinals / Runes traffic remains a structural mempool contributor.
Halving impact on revenue
| Halving | Block | Subsidy change | Revenue recovery |
|---|---|---|---|
| Nov 2012 | 210,000 | 50 -> 25 BTC | ~3 months (2013 rally) |
| Jul 2016 | 420,000 | 25 -> 12.5 BTC | ~6 months (late 2016 rally) |
| May 2020 | 630,000 | 12.5 -> 6.25 BTC | ~5 months (Q4 2020 breakout) |
| Apr 2024 | 840,000 | 6.25 -> 3.125 BTC | ~3 months (Runes fees + price rally) |
| ~Apr 2028 | ~1,050,000 | 3.125 -> 1.5625 BTC | Pending (will likely depend on fee share) |
At each halving the subsidy steps down 50 percent overnight. If fees and price are constant, total revenue falls 50 percent. Historically price has rallied around halvings, partially or fully offsetting the subsidy drop in revenue terms. The 2028 halving will be the first where the fee-only floor (post-Ordinals/Runes baseline of 5-15 percent) provides a meaningful buffer against the subsidy step-down.
Methodology
- Inputs. BTC AUD daily closes from
/assets/data/btc-aud-daily.json+ Bitcoin halving schedule + daily transaction-fee totals (BTC) from blockchain.info /tools/crypto/dashboard/transaction-fees. - Subsidy revenue. subsidy(date) × 144 × AUD close.
- Fee revenue. fee_btc(date) × AUD close. The fee data is in BTC; we convert to AUD at the same day's close.
- Total revenue. subsidy revenue + fee revenue.
- Fee share. fee revenue / total revenue × 100.
- 30-day MA. Trailing simple moving average of total revenue. Smooths the daily noise without destroying responsiveness.
- Static-first. If blockchain.info is unreachable on a given build, the existing snapshot is preserved. The seed file ships with an era-based fee approximation so the chart renders meaningfully even on first install.
Related tools
- Bitcoin Puell Multiple - subsidy-only revenue normalised against its 365-day MA.
- Bitcoin Hash Ribbons - miner-capitulation cycle-bottom indicator.
- Bitcoin Hashrate - the input that drives miner revenue per unit of capital deployed.
- Bitcoin Difficulty - the protocol-level reference for mining capacity.
- Bitcoin Halving Countdown - block subsidy schedule and live countdown.
- Charts Dashboard - all cycle indicators on one page.
Frequently asked questions
Miner revenue is the total AUD value of everything a successful miner earns per block, summed across all 144 blocks per day. It has two components: (1) the block subsidy (newly issued BTC granted to the miner for solving the block) and (2) transaction fees (sats paid by users to have their transactions included in that block). The chart on this page shows both summed together as total daily miner revenue, computed in AUD using the same-day BTC AUD close price.
Puell Multiple is specifically issuance value (subsidy only), expressed as a ratio against its trailing 365-day moving average. Miner revenue is gross dollars (subsidy plus fees), expressed in absolute terms. Puell is a cycle-position indicator; miner revenue is an absolute-revenue indicator that responds directly to fee spikes. Both metrics are tracked here separately because they answer different questions: 'is the cycle stretched or compressed' (Puell) vs 'how much are miners actually earning today' (miner revenue).
Spikes are driven by transaction-fee surges, not subsidy changes (which step down predictably every 4 years). Notable fee-revenue spikes: (a) the December 2017 mempool peak (single-day fees over 80% of subsidy), (b) April-May 2021 (60%+ fee share during the cycle peak), (c) May 2023 (Ordinals / Inscriptions launch pushed fee share above 40%), (d) April 2024 immediately post-halving (Runes protocol launch combined with halved subsidy briefly pushed fees above subsidy in absolute terms). Each spike is a real on-chain event you can correlate with mempool / mempool.space backlog data.
Subsidy revenue is exactly halved overnight at the halving block (e.g. from 6.25 to 3.125 BTC per block at the April 2024 halving). If transaction fees and price stay constant, total miner revenue falls by ~50 percent. The historical pattern: total revenue typically holds up better than that because (a) price often rallies in the months around halvings (boosting both subsidy AUD value and fee AUD value), and (b) post-halving fee shares tend to rise as the relative subsidy shrinks. Net effect: revenue drops sharply on day-one then recovers over 6-12 months as price normalises.
Mechanically, subsidy is on a deterministic schedule and will reach zero around the year 2140 (after the 33rd halving). Practical fee-share crossover is much closer: the 2024 halving brought daily fee share above 50 percent for several days, and the 2028 halving will roughly double the fee share at any given fee level. Most analysts project fees to consistently exceed subsidy from somewhere in the 2032-2040 window depending on Bitcoin adoption + L2 vs L1 settlement balance. The Ordinals / Inscriptions / Runes wave of 2023-2024 was the first practical test of fee-dominant economics; the network handled it without protocol-level changes.
Loosely correlated rather than mechanically causal. High revenue means miners are well-compensated, which means less forced selling of mined BTC for opex (electricity, debt servicing). Conversely, low revenue squeezes high-cost miners and forces them to sell more aggressively to fund operations - or capitulate entirely (the Hash Ribbons buy signal triggers from those capitulation episodes). So extreme low revenue is a contrarian-bullish setup; extreme high revenue is a confirmation of an already-elevated price environment. Use miner revenue alongside Puell and Hash Ribbons for a fuller mining-economy picture.
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