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Bitcoin Miners Saw a Monthly Record $1.5B Revenue in March
Bitcoin mining revenue broke a new record in March, fueled by the BTC price rally.
Updated Mar 6, 2023, 3:15 p.m. Published Apr 1, 2021, 4:05 p.m.
Bitcoin miners collected $1.5 billion in revenue in March, a monthly record for the 12-year-old blockchain network, as the price of bitcoin (BTC) broke above $50,000.
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- “Few had anticipated the scale of this bull run in September 2020. Back then, the monthly miner revenue sat at $329 million. Since then, the revenues have increased by 373%,” according to a new report by Arcane Research, a Norwegian analysis firm.
- Miners are awarded bitcoin whenever they add a new block of transactions to the blockchain, which they can later sell on the market to fund operating costs or simply just to cash out. Transaction fees are another source of revenue.
- “The recent mining revenue spike is rewarding miners who already had a well-established setup before the bitcoin bull run, or great foresight in Q3 2020.”
- New mining equipment is estimated to be delivered around November 2021 and January 2022, which could contribute to greater computational power (hashrate) used to mine and process transactions, according to Arcane.
- Publicly listed mining stocks have largely tracked the price of bitcoin in March. RIOT Blockchain, a bitcoin mining company (NASDAQ: RIOT), is up about 23% versus BTC’s rise of 26% for the month to date at the time of writing.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin could drop to $10,000, one analyst says, spelling doom for ETH, ADA, XRP
Traders are positioning for downside risks, with a significant build-up of put options indicating expectations of a dip below $85,000.
What to know:
- Bitcoin remains under pressure, hovering near $87,000, with analysts warning of potential further declines into early 2026.
- Traders are positioning for downside risks, with a significant build-up of put options indicating expectations of a dip below $85,000.
- Despite recent resilience, long-term holders have reduced their bitcoin holdings, and geopolitical risks and leverage conditions are expected to drive market volatility into 2026.
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