Bittensor revenue jumps 40% in a month to $50M+, out-earning six DePIN networks worth 3.6x more
bittingthembits · x · 2026-10-13
A new $TAO report benchmarks Bittensor's real revenue against the rest of crypto:
- Six decentralized AI/compute/storage networks (NEAR, ICP, Render, Filecoin, Virtuals, Akash) are worth $11.5B combined — 3.6x $TAO's $3.2B — but earn only $16.7M in annualized fees; Bittensor subnets now earn $50M+/year from paying customers, up from $32–35M a month ago.
- Nine tokens with larger market caps (Dogecoin, Cardano, NEAR, Stellar, Litecoin, Avalanche, Sui, Hedera, TON) total $58B but only $13.9M in annual fees.
- Relative to new token issuance, Bittensor's external revenue ratio is 21–27x Bitcoin's (13.5–17.5% vs 0.65%).
The report also flags the bear case: chain fees and subnet customer revenue aren't like-for-like, and $TAO is just 0.11% of total crypto market cap.
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