Miners’ revenue as a share of supply
miner-revenue-share
What the network paid its miners each day, block subsidy plus fees, times 365, over spendable supply: price-free, from our own node, every day since 2009. Each halving is a step. Set beside the bitcoin-secured borrow rate on the explorer, never subtracted from it: one is a bitcoin share, the other a dollar rate.
| Units | ratio per year (annualised share of spendable supply) |
|---|---|
| Computed at | 2026-10-12 |
| History | served |
Methodology descriptive · IX1
What it measures. What the network paid its miners each day, the block subsidy plus transaction fees, multiplied by 365 and divided by spendable supply at the end of that day: the annualised share of all bitcoin paid to miners.
Read with care. A share of supply, not a return anyone earns, and not a price: no dollar figure enters it. It is shown beside the bitcoin-secured borrow rate on the explorer and never subtracted from it, because one is a bitcoin share and the other a dollar rate.
Sample. Every day since 2009, from our own node; a day with no block has no row.
History
Miners’ revenue as an annualised share of supply
Block subsidy plus fees each day, times 365, over spendable supply, from our own node since 2009. Each halving is a step down. The first days read far above 1 because a day’s issuance was most of the supply. Weekly (Mondays) plus the latest day; every day is in the explorer.
Mondays are drawn here; every day is in the explorer. Open in the explorer →
What this cannot be read as
What the network paid its miners that day (block subsidy plus fees, miner.subsidy_btc and miner.fees_btc) times 365, over spendable supply at the end of the day. A share of supply, not a return anyone earns, and not a price: no dollar figure enters it. Daily, from our own node; a day with no block has no row. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply.
https://www.bitcoincreditstack.com/indicators/miner-revenue-share
Full payload
Every field as the API serves it
| id | miner-revenue-share | ||||
|---|---|---|---|---|---|
| name | Miners' revenue as a share of supply | ||||
| measure | CX-IX1 | ||||
| question | What did the network pay its miners each day (subsidy plus fees), annualised, as a share of spendable supply? Price-free, from our own node since 2009. | ||||
| headline | cx.network.miner_revenue_share_of_supply | ||||
| source | Derived in the vintage store: (miner subsidy + fees) x 365 / chain_series supply | ||||
| series | 1 entries[
{
"series_id": "cx.network.miner_revenue_share_of_supply",
"date": "2026-10-12",
"value": 0.008678805366631,
"unit": "ratio",
"kind": "derived",
"limitation": "What the network paid its miners that day (block subsidy plus fees, miner.subsidy_btc and miner.fees_btc) times 365, over spendable supply at the end of the day. A share of supply, not a return anyone earns, and not a price: no dollar figure enters it. Daily, from our own node; a day with no block has no row. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
}
] | ||||
| methodology |
| ||||
| sample | Every day since 2009 from our own node. Descriptive, not a forecast or a signal, and not an index. |
Where this comes from
| REST | GET https://api.bitcoincreditstack.com/v1/market/measure/miner-revenue-share |
|---|---|
| MCP | get_indicator({ id: "miner-revenue-share" }) get_indicator({ id: "miner-revenue-share", include_history: true }) get_series({ ids: ["cx.network.miner_revenue_share_of_supply"] }) |
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