Bittensor’s ecosystem generated an estimated annualized revenue of about $70 million, a 40% increase from the previous month, according to a SubConnect report published on November 4, 2026. The figure rose from approximately $50 million in October and from $32 million to $35 million in late August and early September, representing growth of nearly 100% over two months. Compute and inference subnets, including Lium, Targon, and Engy, account for roughly 78% to 82% of verified revenue, while several subnets are using external income to buy back their own alpha tokens. Bittensor still emits more than $300 million worth of tokens annually, meaning external revenue covers only 9% to 23% of emissions. SubConnect projects that the network could surpass $100 million in revenue by the end of 2026, but notes that its estimates are based on off-chain payment records and are not audited on-chain.
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