Bitcoin Miner Revenue
Daily Miner Revenue shows the total revenue (in USD) miners earn from the block reward (subsidy) and transaction fees - the raw input behind Puell Multiple, and the core series for measuring the total size of miner economics.
This chart shows real data up to September 27, 2026. The live value is free on Cedvel - no subscription needed.
Source: coinbase_sum_24h_usd (bitview.space / Bitcoin Research Kit)
What is it?
The total revenue (in USD) miners earned over the last 24 hours from the block reward (subsidy) plus transaction fees.
How is it calculated?
The daily total USD value of coinbase transactions (the first transaction in every block, containing the miner reward).
How to read it
Shows the total size of miner economics - it's the raw input to Puell Multiple (Puell Multiple is this revenue normalized against its 365-day average). Halvings create sudden, structural drops in this series (a protocol rule, not a market signal).
Things to watch out for
Directly affected by price changes - it shows gross revenue, not miner 'profitability'; operating costs (electricity, hardware) are not included.
Historical usage
Halvings create sudden, structural drops in this series (the block reward is cut in half) - these are not a market signal, they're an expected discontinuity from the protocol's own rules. During price rallies, miner revenue generally rises alongside it, since USD-denominated revenue depends on both block count and price.
Frequently Asked Questions
What does Miner Revenue include?
The daily total USD value of coinbase transactions (the first transaction in every block, containing the miner reward) - the sum of the block reward (subsidy) plus transaction fees.
What's the difference between Miner Revenue and Puell Multiple?
Miner Revenue is a raw daily quantity; Puell Multiple normalizes this revenue by dividing it by its trailing 365-day average - in other words, Miner Revenue is Puell Multiple's raw input.
What's the limitation of Miner Revenue?
It's directly affected by price changes - it shows gross revenue, not miner 'profitability'; operating costs (electricity, hardware) are not included.