Bitcoin miners earn under 0.7% of revenue from fees in new 10-year low

Bitcoin (BTC) transaction fees present relationship for conscionable 0.69% of miner gross arsenic large players pivot to AI.

Key points:

• Bitcoin miners present trust connected artifact subsidies much than astatine immoderate clip successful the past decade, information shows.
• Bitcoin hash complaint has declined by 33% since October 2025.
• Analysts pass that miners switching to AI could impact the network.

Bitcoin miner interest gross stock returns to 2016 levels

Data from onchain analytics level Glassnode shows that fees arsenic a proportionality of miner gross stay adjacent decennary lows aft falling to conscionable 0.52% successful April.

Miners look ongoing unit arsenic declining Bitcoin prices and rising energy costs compression profits and unit smaller players retired of the market. Glassnode co-founder Rafael Schultze-Kraft noted that fees had made up little than 1% of miner gross for astir a year.

“Bitcoin was beneath $400 the past clip interest stock was this low,” helium said connected X. 

Bitcoin fees arsenic a information of miner revenue. Source: Rafael Schultze-Kraft connected X.com

When transaction interest gross drops, miners progressively beryllium connected the fixed artifact subsidy for income — the magnitude of recently minted BTC awarded for each mined block, presently 3.125 BTC. Bitcoin’s worth has fallen astir 50% since its October 2025 all-time high, dragging down the US dollar worth of the artifact subsidy and further squeezing miners’ nett margins.

The latest information from onchain analytics assets Checkonchain puts the estimated mean outgo of producing 1 Bitcoin astatine $78,254 arsenic of Tuesday — astir 23% supra the existent spot price.

Bitcoin estimated mean accumulation cost. Source: Checkonchain

Bitcoin’s web hash rate, an estimated measurement of the computing powerfulness securing the network, reflects a mining assemblage successful flux. Hash complaint has declined from its October 2025 highest of 1.3 zettahashes per 2nd (ZH/s) to 861 exahashes per 2nd (EH/s), Checkonchain shows — a driblet of 33%. 

Bitcoin hash complaint nett presumption change. Source: Checkonchain

Analyst: AI pivot is “concerning development”

In investigation published astatine the weekend, autarkic expert William Clemente acknowledged the downturn, portion noting that miners would person been incentivized to boost enactment done automated trouble readjustments. With trouble itself present rising again, miners’ displacement toward much lucrative AI computing has go conspicuous.

Related: Bitcoin merchantability unit ‘closer to exhaustion’ aft $4B USDT market-cap drop: CryptoQuant

“There is nary different mode to portion it, hash complaint has been successful a decline. This has taken spot arsenic miner margins got squeezed station 2022 from much contention are higher vigor prices, but much importantly the pivot of galore into AI/HPC, which truthful acold person shown to beryllium prudent concern decisions for the nationalist names that person done it,” helium wrote.

As Cointelegraph reported, Bitcoin miner CleanSpark precocious refocused connected AI, switching to operating information centers aft missing nett targets. Another miner, Keel Infrastructure, unopen down each its US mining operations aft revenue fell 50% successful the 2nd quarter.

“This dynamic has been reinforced arsenic Bitcoin has underperformed AI related assets & the complaint of alteration successful request for compute,” Clemente added.

Charles Edwards, laminitis of hedge money and AI level Capriole Investments, straight linked the driblet successful hash complaint to nationalist miners’ AI pivot.

“This is the slightest talked about, concerning Bitcoin improvement successful 2026,” helium argued connected X, noting that the inclination had accelerated since April.