Bitcoin Miners' Revenue Squeezed by Decade-Low Transaction Fees

Bitcoin miners are struggling to make ends meet as transaction fees plummet to a decade-low of 0.69% of revenue, according to data from onchain analytics platform Glassnode.

This is the lowest fee share since April, when it fell to 0.52%, and marks a significant decline in miner earnings.

The situation is dire, with miners relying more heavily than ever before on block subsidies, which have dropped due to Bitcoin's nearly 50% price fall from its October 2025 all-time high.

As a result, the estimated average production cost of one Bitcoin has risen to $78,254, almost 23% above the current spot price, according to Checkonchain.

Not only is this squeezing miner profit margins, but it's also forcing smaller players out of the market, with Keel Infrastructure shutting down its US mining operations after revenue fell 50% in the second quarter.