We have talked a lot about miners on the Bitcoin Network. After all, they’re one of the core contributors to Bitcoin’s success. The Bitcoin blockchain could not function without all the nodes and miners around the world. This is why the genius economics behind Bitcoin is so important.
Efficient miners are constantly rewarded. During times of bear market Bitcoin prices, the most efficient miners are able to keep their machines on because they’re still able to make a profit. During peak bull market Bitcoin prices they’re able to reap the rewards even while so many new miners enter the ecosystem and drive up competition.
Did you know that you can track the total mining revenue?

At current prices, Bitcoin miners are making over $40 million in revenue per day. It has surpassed the revenues miners were making in the 2017 bull run.
Using Glassnode you can breakdown revenue per each large miner on the Bitcoin Network.
Here is F2Pool who has seen a big jump in revenue and volatility from upward Bitcoin prices.

We can also breakdown revenue into two buckets; fees and block rewards.

Currently fess represent about 1.2% of the Bitcoin revenue. As the network gets more congested, that drives up fees, which in turn will drive up percent of total revenue in fees. You can see how fee percentage rises when Bitcoin price curve steepens. Around the year 2140 when all the Bitcoin have been mined, miner revenue will be 100% from fees.

Block rewards are newly minted Bitcoin that get created for each new block confirmed onto the blockchain. Miners are the first to get these newly minted Bitcoin. Each dotted line represents a Bitcoin halving which is when the block reward for each block gets cut in half showcasing Bitcoin’s disinflationary system.

This chart is the same one but instead of in USD the block rewards are charted in BTC value. You can see after every halving the block rewards in BTC terms start a lower sideways trend.
The systematic approach that Bitcoin has taken is economic beauty. Personally, I’d rather trust the code over bankers.

Bulls on Crypto Street is a trading education website dedicated to digital assets such as Bitcoin, Ethereum, DeFi, NFTs, and other new advancements in the Metaverse.