Bitcoin Miners' Fee Revenue Hits Decade-Low as Hash Rate Drops 33%

Bitcoin's mining economics are under pressure as transaction fees sink to decade-low levels. According to Glassnode data, fees now make up just 0.69% of miner revenue, a figure last seen in the late stages of the decade.

The shift towards AI and high-performance computing (AI/HPC) by miners is also having an impact on network hash rate. Checkonchain estimates show hash rate fell about 33% from an October 2025 peak of 1.3 ZH/s to 861 EH/s.

Analysts argue that the industry's pivot towards AI/HPC has contributed to reduced mining activity as difficulty adjustments evolve. Estimated mining production costs remain above current spot price, intensifying profitability pressure for marginal operators.