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Bitcoin's Market Structure, Correlation to Gold, and Miner Revenue Mix
Networks Plummet Alongside price, usage of the top two blockchains also took a big hit as evidenced by miner...revenue data....The percentage of miner revenue contributed via transaction fees for Bitcoin and Ethereum have fallen...
3 Min
Infrastructure
Jun 2021
Gas Price Lows, MakerDAO Revenue, the Rise of Fantom
Price 3) MakerDAO Revenue & Surplus Buffer Key Takeaways In spite of a broad bullish trend, gas...Key Takeaways MakerDAO’s revenue growth continues to soar as DAI supply nears the $4 billion threshold...
2 Min
DAO
May 2021
MetaMask Revenues, DEX Fee Competition, and Aggregator Wars
And this has resulted in over $200M in revenue over the last 11 months....If you don’t think $200M in revenue over 11 months is a remarkable feat — which you should — compare...Metamask’s revenue to that of two of the top DEXes on Ethereum: Sushiswap and Curve....Metamask has no token incentives or emissions, so there’s virtually no cost to their revenue.
3 Min
DeFi
Nov 2021
China FUD Piles Up, Hash Rate Exodus, And Miners Selling
Miners turned into net sellers after weeks of accumulation (most likely attributable to Chinese miners...Miners Net Position Flipped Negative Complementary to the hashrate exodus, miners as a whole are now...We see this translating into miners selling off inventory....As of today miners have made $100m from Flashbots ?
3 Min
Infrastructure
Jun 2021
Load the Bitfinex Shorts, dApp Revenues, ENS Grows
...dApp Revenue Over the Last Month Once again, Axie takes the cake as the top revenue-generating dApp,...Revenue on Maker has fallen month-on-month, but it continues to shine as the top revenue-generating DeFi...PancakeSwap, Metamask, and Sushiswap comprise the remaining of the top 5, and all earn their revenue...
3 Min
Asset Management
Jul 2021
AVAX Adoption and Bridging Highs, BTC Miners Accumulate as Alongside HODLers
Miners Back to HODL Recently, miners have started to HODL their BTC mining rewards....Years ago, this was a bullish sign because miners held higher market-moving abilities....After 3 miner reward halvings, this net position represents a much smaller percentage of the total circulating...
4 Min
Layer 1 / L1
Nov 2021
Uni Gains Ground, Miners Offload BTC, & MEV Profits Tighten
Miners Stop Accumulating Miner net position gives the change of supply held in miner addresses....The green bars on the chart display periods where miners have been accumulating....Over the past 2 months, miners have been continuously accumulating BTC, even as prices fell from 55k...
3 Min
Infrastructure
Feb 2022
Fan Tokens: A New Revenue Stream For Teams Selling Influence To Fans
As part of the partnership agreement, Socios takes a 50% cut on all revenue generated via fan token sales...This is a relatively impressive level of revenue considering how nascent the sector is but, if fan tokens...If prospective sports teams see Socios as a useful tool for generating more revenue and engagement, in...
10 Min
Sports
Oct 2021
Nike's NFTs Launched Last Week Earn More Than All NFT Revenue of Other Big Brands
📊 Nike’s NFTs Launched Last Week Earn More Than All NFT Revenue of Other Big Brands Minting for...With this single collection, Nike/RTFKT raised over $10 million in 7 days, nearly earning as much revenue...
4 Min
Fashion
Sep 2022
Checking In On Ordinals, Fees, and Miners
And that is what we have seen: for the first time in a while, the portion of miner revenue from Bitcoin...The increase in fees created a healthy bump in mining revenue....However, as fees per vByte have fallen, miners can probably expect revenue to decline.
3 Min
Layer 1 / L1
Aug 2023
The Billion Dollar Revenue Distribution Question
Over the past year, there’s been a heightened focus on sustainable protocols that generate revenue via...But the real contentious question today comes down to distributing revenue....That revenue could be used to double down and build better/more products into the protocol suite....But the distribution of said revenue is where things start to become iffy.
3 Min
DeFi
Apr 2023
Some Light Miner Bear Posting
Miners have traditionally done well during past Halvings....When we chart miners’ total revenue in USD vs the price of Bitcoin, the chart looks identical....revenue – sometimes less than 1%....see from the chart above that Bitcoin fees are sporadic at best and rarely rise to the same level of revenue...for miners as the block reward.
3 Min
Macro & Markets
Dec 2023
PUMP revenue to repeat 2024 cycle?
...if u look at $PUMP 2024 revenues there was an obvious...back up in Oct and into Q4 idt this year will be too...
1 Min
DeFi
Sep 2025
Narrative > Revenue: REValuating Crypto Assets
XRP, DOGE, ADA, SHIB… they hold ~zero meaningful revenue, yet sitting on billions in FDV....MakerDAO pulls in ~$100M+ in organic annual revenue and struggles to stay in the top 100....High-growth SaaS stocks might stretch to 20-30x revenue, but they all stay in range....Assets with real revenue are the exception; but that doesn’t mean they’re rewarded for it.
8 Min
DeFi
Jun 2025
BTC Crosses 30k, Are Miners Still Under Water?
This would imply miners are still struggling to turn a profit, despite the recent price increases....Furthermore, the miner hash price (which is miner revenue/the current hash rate in EH/s) continues to...However, due to the recent price recovery, miner revenue in USD terms seems to have found a floor.
2 Min
Infrastructure
Apr 2023
Logan Allen: Nockchain's Global Competition for Useful ZK Proof of Work Miners Kicks Off
Join Tommy Shaughnessy from Delphi Ventures as he hosts Logan Allen, Founder of Zorp and Nockchain, for a deep dive into Nockchain, a novel proof-of-work L1 blockchain, and its implications for decent...
1 Min
Infrastructure
May 2025
The State Of Bitcoin
Regarding miner performance and longevity, it is most important to look at their revenue....Bitcoin miner revenue consists of two separate streams – the block reward and fees....The majority of BTC miner revenue has always come from Bitcoin block rewards....In a very real way, the Halving will cut miner revenue in half.
28 Min
Layer 1 / L1
Feb 2024
Analyzing BTC Post-Halving
However, while the % of miner revenue derived from transaction fees was expected to rise as a result...In the 7 days leading up to the halving, the average % of miner revenue from fees was ~4.2%....Source: Glassnode Due to the reduction in miner revenue, the main concern going into this event was that...
4 Min
Block Production
May 2020
Otherdeed Burns, Looming Signals, & Intro to Webaverse
Chart of The Day: Pain for Minters and Gains for Miners Yuga Lab’s Otherdeed for Otherside had its...Chart of The Day: Pain for Minters and Gains for Miners Yuga Lab’s Otherdeed for Otherside had its mint...
6 Min
NFTs
May 2022
Arweave: The Permanent Storage Experiment
Although PoA ensures miners store data, it doesn’t restrict miners from pooling their storage together...Revenue On the revenue side things are a bit more complicated....Miners receive 2 revenue streams in Arweave – 1) transaction fees and 2) block rewards....it with other miners.
20 Min
Storage
Apr 2021