Bitcoin Miners Break Records with $12.8 Billion in Nine-Month Revenue

While many expected Bitcoin mining profits to crash in 2025 because of price swings and regulatory worries, the market showed just the opposite. Thanks to strong network activity and rising transaction fees, mining revenues hit $7.86 billion in the first half of the year, breaking the previous record set in 2021. But monthly figures continued rising ever since, pushing the nine-month total to record highs.

According to data presented by BestWallet.com, Bitcoin miners raked in an impressive $12.8 billion between January and September, the highest nine-month figure ever.

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Three of the Ten Best Months for Crypto Mining Ever Happened in Q3

Although the first three months of the year didn’t look promising for crypto miners, they still managed to turn 2025 into their best year so far, even surpassing the record-breaking 2021. But the road to that milestone has been pretty bumpy.

The crypto market slowdown in Q1 hit miners hard, as falling Bitcoin prices, decreased network activity, and shrinking transaction fees wiped out hundreds of millions of dollars in earnings. According to data from The Block, miners made $3.86 billion over the three months, or $900 million less than in the same period of 2024. The average monthly revenue also plunged, falling by 17% to $1.28 billion in Q1 2025, down from $1.55 billion in the first three months of last year.

However, the trend reversed in the second quarter of the year, as transaction fees spiked due to network congestion and increased on-chain activity, including the use of Ordinals and Layer 2 solutions. Bitcoin’s strong performance in May also boosted miners’ earnings, despite ongoing market turbulence. As a result, quarterly revenue surged to $4.05 billion in Q2, rising by 24% year-over-year, up from $3.25 billion reported in Q2 2024. The monthly average also grew by double digits, jumping by 25% to $1.35 billion in Q2.

But the figures exploded in the third quarter of the year, with miners raking in close to $5 billion in Q3, and averaging $1.64 billion per month, or 92% more than in the same quarter last year. This massive increase has pushed their nine-month total to a record-breaking $12.8 billion, translating into an average of $1.42 billion per month, or 24% more than in the nine months of 2024.  Moreover, according to the Block, three of the ten best months for crypto mining ever have happened in Q3, trailing only March 2024, March, April, and October 2021.

Mining Stocks Skyrocket Amid Record Revenue

With a record $12.8 billion in nine-month revenue, the largest Bitcoin miners have also seen their shares skyrocket year-to-date, proving investors` strong confidence in the sector. According to Companies Market Cap data, the combined market capitalization of the world’s five largest crypto mining companies, Iris Energy, Cipher Mining, Riot Blockchain, Marathon Digital Holdings, and Core Scientific, stood at $18.7 billion in January. Since then, this figure has skyrocketed by 147% and hit over $46 billion last week.

While all five mining giants saw triple-digit growth, Iris Energy convincingly leads a massive 600% year-to-date increase, pushing its market cap to $17.1 billion. Cipher Mining’s market cap jumped 317% to $8.1 billion in this period, while Core Scientific and Riot Blockchain followed with 138% and 109% growth, respectively. One of the oldest players in the market, Marathon Digital Holdings, saw a relatively modest increase compared to this, with its stock value rising by only 15% year-to-date.