Definition. This chart plots the total daily USD revenue 🟠 paid to Bitcoin miners, and compares it to the 365-day simple moving average 🔵. Also shown is the rolling 365-day sum of miner revenues 🟣 to assess aggregate industry income, alongside price (dark grey).

Technical. All traces derive from total miner revenue (block subsidy plus fees), USD denominated:

• Yearly Average = sma(Miner Revenue, 365) 🔵
• Yearly Aggregate Income = sum(Miner Revenue, 365) 🟣

💡 Hint: The Miner Revenue metric (m2) has a dropdown menu to toggle a specific miner. This can be used to assess or compare the income of a particular miner or mining pool.

Interpretation. Comparing daily revenue against its yearly average helps analysts gauge daily volatility against the longer term trend, and shows the input components to the Puell Multiple oscillator: daily income running well above the yearly average describes unusually profitable mining conditions (typical of bull market advances and fee spikes), while income persistently below the yearly average compresses miner margins and has historically preceded miner stress and capitulation phases. The rolling yearly sum contextualizes the mining industry's aggregate revenue base, which steps down structurally at each halving unless offset by price appreciation or fee growth.

Notes. Built from Miner Revenue (Total); the ratio of the daily and yearly-average traces is charted natively as the Puell Multiple. See also Miner Hash Price (Revenue per Exahash) for revenue normalized by hashpower.