Miner Revenue

Everything miners earn per day. The subsidy portion halves every four years, so the long-term survival question for mining economics is whether fees grow into the gap — so far, fee share remains small outside congestion events.

Miner revenue is also the market's most reliable structural sell pressure (miners pay electricity in fiat), which is why revenue extremes echo through price: the Puell Multiple and the thermocap ratios on this site are both built from this series.