| REVENUE |
REVENUE
The following table presents the Company's revenue disaggregated by revenue source (in thousands):
| | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2019 | | 2018 | | 2019 | | 2018 | Revenue from Contracts with Customers: | | | | | | | | Transaction-based revenue | $ | 816,622 |
| | $ | 655,384 |
| | $ | 2,248,894 |
| | $ | 1,803,649 |
| Subscription and services-based revenue | 239,895 |
| | 141,752 |
| | 645,588 |
| | 330,637 |
| Hardware revenue | 21,766 |
| | 17,558 |
| | 62,238 |
| | 50,337 |
| Bitcoin revenue | 148,285 |
| | 42,963 |
| | 338,898 |
| | 114,074 |
| Revenue from other sources: | | | | | | | | Subscription and services-based revenue | $ | 39,906 |
| | $ | 24,451 |
| | $ | 104,453 |
| | $ | 66,952 |
|
The deferred revenue balances were as follows (in thousands):
| | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2019 | | 2018 | | 2019 | | 2018 | Deferred revenue, beginning of the period | $ | 44,812 |
| | $ | 27,155 |
| | $ | 36,451 |
| | $ | 5,893 |
| Less: cumulative impact of the adoption of ASC 606 | — |
| | — |
| | — |
| | (4,303 | ) | Deferred revenue, beginning of the period, as adjusted | 44,812 |
| | 27,155 |
| | 36,451 |
| | 1,590 |
| Deferred revenue, end of the period | 45,263 |
| | 33,614 |
| | 45,263 |
| | 33,614 |
| Deferred revenue arising from business combination | — |
| | 22,800 |
| | — |
| | 22,800 |
| Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period | $ | 12,656 |
| | $ | 10,165 |
| | $ | 28,280 |
| | $ | 1,539 |
|
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