Revenue

Contents

• All Time Miner Revenue (USD) (RevAllTimeUSD)

• Miner Revenue (native units) (RevNtv)

• Miner Revenue (USD) (RevUSD)

All Time Miner Revenue (USD)

Definition

The sum USD value of all revenue (fees plus newly issued native units) for all time. This is measured for consensus participants (miners, stakers, validators or delegators).

Name	MetricID	Unit	Interval
All Time Revenue (USD)	RevAllTimeUSD	USD	All time

Details

• This metric is defined as the cumulative sum of RevUSD.

• It’s also known as thermocap

Release History

• Released in the 1.0 release of NDP

Interpretation

• The cumulative miner revenue for an asset, also called Thermocap, can be interpreted as an estimate of fiat inflows into an asset. The assumption behind this is that miners have fiat expenses but crypto revenue. To cover their expenses (mining hardware, electricity, wages, etc..), they must sell some or most of their crypto revenue for fiat. Given that, we know that the other party of this transaction must sell fiat for crypto and is therefore a new inflow in the asset. While this holds for large assets, miners of smaller assets might sell their mined crypto for BTC/ETH and then sell this for USD. This is a naive heuristic and presumes that miners do not mine speculatively, hoarding their coins without selling them off.

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

Revenue (native units)

Definition

The sum native units of revenue (fees plus newly issued native units) that interval. This is measured for consensus participants (miners, stakers, validators or delegators).

Name	MetricID	Unit	Interval
Revenue (native units)	RevNtv	Native units	1 day, 1 block
Validator Revenue (native units)	RevValidatorNtv	Native units	1 day
Delegator Revenue (native units)	RevDelegatorNtv	Native units	1 day

Details

• Revenue doesn’t include founders reward/community funds issuance.

Asset-Specific Details

• Post Ethereum Merge, RevNtv includes only Priority Fees for ETH

• For SOL, sum of all rewards earned for Voting, Staking, Fees & Rent by validators.

Release History

• Released in the 4.3 release of NDP

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

Miner Revenue (USD)

Definition

The sum USD value of all revenue (fees plus newly issued native units) that day. This is measured for consensus participants (miners, stakers, validators or delegators).

Name	MetricID	Unit	Interval
Revenue (USD)	RevUSD	USD	1 day, 1 block
Validator Revenue (USD)	RevValidatorUSD	USD	1 day
Delegator Revenue (USD)	RevDelegatorUSD	USD	1 day

Details

• Revenue doesn’t include founders reward/community funds issuance.

• Price used is PriceUSD

Asset-Specific Details

• Post Ethereum Merge, RevUSD includes only Priority Fees for ETH

• For SOL, sum of all rewards earned for Voting, Staking, Fees & Rent by validators.

Release History

• Released in the 1.0 release of NDP

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

API Endpoints

Exhange Deposits metrics can be accessed using these endpoints:

• timeseries/asset-metrics

and by passing in the metric ID's Rev* in the metrics parameter.

GET undefined/timeseries/asset-metrics

Shell

curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=RevAllTimeUSD&assets=btc&pretty=true&api_key=<your_key>"

Python

import requests
response = requests.get('https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=RevAllTimeUSD&assets=btc&pretty=true&api_key=<your_key>').json()
print(response)

Python Client

from coinmetrics.api_client import CoinMetricsClient

api_key = "<API_KEY>"
client = CoinMetricsClient(api_key)

print(
    client.get_asset_metrics(
        metrics="RevAllTimeUSD", 
        assets="btc",
    ).to_dataframe()
)