Miners' Fee Revenue Plummets to Historic Low Amid Hashrate Surge
Bitcoin miners' revenue from transaction fees has hit a 10-year low. In the week ending December 29, 2025, fees accounted for just 0.52% of total block rewards, totaling around $1.4 million in Bitcoin (BTC) out of a total of 3,166 BTC.
This is despite a near all-time high network hashrate of approximately 1,099 EH/s by late December 2025, indicating intense computational competition for blocks. However, the revenue per unit of hash power continues to shrink due to both the halved subsidy and negligible fees.
The average fee per block hovered around 0.016 to 0.018 BTC during this period. Historically, outside of bull market periods of extreme network congestion, fees have averaged around 1% of miners' total take. The current stretch below that baseline marks a new low point in the relationship between network usage and miner compensation.
The shift towards AI-adjacent business lines is becoming increasingly evident, with companies like MARA, Riot Platforms, CleanSpark, Cipher Mining, and IREN signaling varying degrees of commitment to these areas. According to a CoinShares report, AI and HPC revenue could account for 70% or more of total revenues for some mining operators by the end of 2026.