Bitcoin Miners Face More Trouble as Transaction Fee Share Hits 3-Year Low
Summary
Bitcoin mining faces challenges despite BTC prices exceeding $100,000. Transaction fees have dropped to less than 1% of total block rewards, the lowest since 2022, indicating reduced earnings for miners. The average transaction cost is currently $1.45, remaining low throughout the year. Miners, primarily industrial operations, have struggled with profitability, especially after the April 2024 halving, which reduced rewards from 6.25 BTC. Although Bitcoin's price has rebounded from below $75,000, mining revenues remain near all-time lows. Experts suggest that efficient operations and advanced hardware are crucial for miners to navigate market volatility and maintain profitability.
