Bitcoin (BTC) mining revenues hit $3.7 billion in the fourth quarter of 2024

Bitcoin (BTC) mining revenues hit $3.7 billion in the fourth quarter of 2024, a 42% increase from the prior quarter

Bitcoin (BTC) miners collectively generated an impressive $3.7 billion in revenue during the fourth quarter of 2024, marking a 42% increase from the previous quarter. This figure is also approaching the highs of around $3.6 billion reached in Q1 2025, as per data from Coin Metrics.

The uptick in revenue suggests that miners are stabilizing their incomes after the Bitcoin network's "halving" in April 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Halvings, which occur every four years, effectively halve the number of BTC mined per block.

"With almost a year elapsed since Bitcoin’s 4th halving, miners have endured a period of stabilization, adapting to reduced block rewards, tighter margins, and shifting operational dynamics," noted Coin Metrics in its Q1 2025 Data Special report.

However, Ben Yorke, VP of Ecosystem at WOO X, a Web3 startup, cautions that this recovery could be cut short if ongoing trade wars disrupt miners' business models.

"Should semiconductor tariffs return, Bitcoin mining could face higher costs, consolidating power among major players and forcing smaller operations to power down," Yorke told Cointelegraph.

Bitcoin mining revenues since 2022. Source: Coin Metrics

The report highlights that Bitcoin miners faced a challenging year in 2025 as the cryptocurrency's price declines put additional pressure on business models already strained by the network's April halving, according to a March 3 JPMorgan research note.

Common adjustments made by miners include upgrading to more energy-efficient ASICs and relocating to regions with cheaper and more abundant renewable energy resources, such as Africa and Latin America. ASICs are specialized computer hardware used in Bitcoin mining.

Additionally, miners are diversifying into AI data-center hosting to expand revenue and repurpose existing infrastructure for high performance computing. For instance, Bitcoin miner Core Scientific has pledged 200 megaWatts of hardware capacity to support CoreWeave's artificial intelligence workloads.

Bitcoin supply held long-term has increased over time. Source: Coin Metrics

According to Coin Metrics, more transaction activity on the Bitcoin network would help sustain economic incentives for miners post-halving. Over time, increased participation from higher-value or more time-sensitive activity could help drive stronger fee revenue, supporting miner incentives as block rewards decline.

However, currently, transactions below $100 constitute about 60% of Bitcoin's total transaction count. This is partly due to holders increasingly holding Bitcoin for the long term rather than using it as a medium of exchange.

"Bitcoin’s supply velocity, measuring the ratio of adjusted transfer volume to its current supply (rate of turnover), has declined over time, reinforcing the idea that BTC is increasingly held rather than transacted," the report noted.