Bitcoin miners earn under 0.7% of revenue from fees in new 10-year low
Summary
Bitcoin transaction fees now make up only 0.69% of miner revenue, near 2016-era lows and below 1% for almost a year. Glassnode data shows fee share briefly fell to 0.52% in April, leaving miners increasingly dependent on the 3.125 BTC block subsidy. Profitability is under pressure from weaker BTC prices and higher electricity costs; BTC has dropped nearly 50% from its October 2025 peak, and the estimated average cost to mine one coin is about $78,254, above the spot price. Network hash rate has also fallen sharply, down about 33% from 1.3 ZH/s in October 2025 to 861 EH/s. Analysts link the decline partly to miners shifting capital and computing capacity toward AI/HPC, which is proving more profitable for some public mining firms.
