Bitcoin Miners Wrap Up Record-Breaking Year with $16.75bn in Revenue

Bitcoin miners are closing out their most profitable year on record, despite a sharp decline in earnings during the final quarter. Mining revenues fell in Q4 as Bitcoin’s price slid by around 23%, reducing the fiat value of block rewards and transaction fees. Even so, miners generated $3.93 billion over the final three months of the year. While this represented a striking $1 billion drop from the all-time quarterly high of $4.93 billion recorded in Q3, it was still sufficient to lift full-year revenues to historic levels.

Data from Techgaged.com shows that by late December, total Bitcoin mining revenue had reached $16.75 billion. This figure is almost $3 billion higher than in 2024 and around $130 million above the previous annual record set in 2021.

Four of the Ten Strongest Mining Months Occurred in 2025

Although 2025 proved volatile for Bitcoin miners, it ultimately became their most successful year to date. The year began on a weak note, with a broader crypto market slowdown in Q1 weighing heavily on earnings. Lower Bitcoin prices, reduced network activity and falling transaction fees erased hundreds of millions of dollars in potential revenue. According to figures from The Block, miners earned $3.81 billion in the first quarter, roughly $650 million less than during the same period in 2024.

Conditions improved markedly in Q2, as network congestion and rising on-chain activity pushed transaction fees higher. Bitcoin’s strong performance in May further supported miner revenues, driving a 24% year-on-year increase in quarterly income to $4.05 billion. Momentum then accelerated sharply in Q3.

During that quarter alone, miners generated close to $5 billion, the highest quarterly total ever recorded. Average monthly revenue reached $1.64 billion, representing a 92% increase compared with the same period last year. Although Q4 earnings dropped by around $1 billion amid market volatility and Bitcoin’s 24% price decline, miners still posted $3.93 billion for the quarter, $440 million more than in Q4 2024.

Despite the turbulent backdrop, these results confirmed 2025 as the strongest year ever for crypto mining. With $16.75 billion earned over 12 months, miners generated nearly $3 billion more than in 2024, $6 billion more than in 2023 and $7 billion more than in 2020, surpassing the previous 2021 record by $130 million. Notably, four of the ten most profitable months in crypto mining history occurred in 2025, behind only March, April and October 2021 and March 2024.

“2025 has been a landmark year for Bitcoin mining,” said Jastra Kranjec, Senior Research Analyst at Techgaged.com. “Despite significant market headwinds in the fourth quarter, miners collectively achieved unprecedented revenue levels. The $16.75 billion annual figure not only surpasses all previous records, it highlights the resilience and evolving economics of the Bitcoin network — driven by heightened transaction activity, shifting fee dynamics, and improved operational efficiencies across the mining sector.”

Average Quarterly Revenue Up by $900 Million

A closer examination of quarterly performance further illustrates the strength of 2025. In 2024, miners averaged $3.1 billion per quarter, with results ranging from $2.55 billion to $4.46 billion, a wide gap of $1.91 billion.

In contrast, quarterly revenues in 2025 were far more consistent, varying by around $1 billion, from $3.91 billion to $4.93 billion. Overall, miners earned an average of $4.2 billion per quarter this year, approximately $900 million more than the 2024 average.

The full report and supporting statistics are available on Techgaged.com.