Bitcoin Miners Struggle with Record Low Fees as Crypto Markets Remain Stable
Cryptocurrency markets are showing signs of stability, but miners for Bitcoin (BTC) are facing increased pressure as revenue from transaction fees continues to decline. According to data from Glassnode, fees now account for just 0.69% of miner revenue, a new 10-year low. This is largely due to the fact that major players are pivoting towards AI, leaving smaller miners struggling to stay afloat.
The price of Bitcoin remains relatively stable, but the situation for smaller miners is becoming increasingly dire. As electricity costs rise and Bitcoin prices fall, many are being forced out of the market. Glassnode co-founder Rafael Schultze-Kraft noted that fees have made up less than 1% of miner revenue for almost a year.
Meanwhile, other cryptocurrencies such as Pi Network (PI) and Ripple (XRP) are also experiencing fluctuations in price. PI is holding steady around $0.0887, while XRP is trading within a constrained technical structure, with support at $1.00 limiting its recovery potential.