Miner revenue is estimated under the assumption that miners sell their bitcoin and ether immediately, which is not exactly accurate as some companies retain a portion of their mined cryptocurrencies.
Year-to-date, Bitcoin miners have generated a total of $15.3 billion in revenue, representing a year-on-year increase of 206%, a record year. The increase can be attributed to the skyrocketing price of bitcoin in 2021, reaching new highs.
Despite fears that the implementation of EIP-1559 (for more see our DeFi section) would cause miners to move their hash rate to a competing fork and result in lower revenue, Ethereum miners have generated a total of $16.5 billion in revenue, representing a year-on-year
increase of 678%, a record revenue year. The increase can be attributed to significantly higher revenues generated from transaction fees, which increased in response to outsized NFT activity in the second to third quarter (for more, see our NFT section). Ethereum miner revenue share from fees has held steady at 27.8% from 28% in 2020.