In June 2025, the share of revenue for bitcoin miners from transaction fees dropped to a record low of just 0.99% of the total block reward, marking the lowest level in the past three and a half years.
This is reported by Business • Media
Decline in Activity and Impact on Miners
According to analytics, on certain days, particularly June 14 and 15, this figure fell even to 0.65%. As of mid-month, the average revenue from fees remains at 0.99%, although it recently spiked briefly to 1.07%. This trend indicates a decline in activity within the bitcoin network, despite the price exceeding $105,000.
“The reduced pressure on the network has intensified the problems for miners,” experts believe.
In June, miners earned only $7 million from fees out of a total revenue of $722 million. The seven-day moving average of the number of transactions reached a minimum since October of last year, further indicating a decline in user activity.
Impact of Halving and Market Situation
This trend has persisted since April 2024, when the launch of the Runes protocol and increased demand for meme coins temporarily increased the load on the network. After the halving, the share of fees in the block reward decreased from 6.7% in April 2024 to less than 1% in June 2025. Considering the current block reward of 3.125 BTC, this means revenue of less than 0.03 BTC from each block solely from fees.
The current situation is exacerbated by high mining difficulty and a drop in hash price — according to Hashrate Index data, this figure currently stands at around $53 per PH/s, which is roughly half of what it was before the halving. For comparison, in December 2024, with a similar bitcoin price, the hash price exceeded $60. This indicates a significant reduction in miners’ margins, even despite the historically high price of the cryptocurrency.
At the same time, analysts at CryptoQuant note that on June 5, the Hash Ribbons indicator recorded the end of the miners’ capitulation. Against the backdrop of rising hash rate to record levels, mining companies are gradually bringing their equipment back online, which reduces selling pressure on the market.
Earlier, it was reported that Riot Platforms sold nearly 9 million shares of miner Bitfarms at a loss of 56%.