Bitcoin miners' commission revenues have crashed to an all-time low: a troubling signal for the network
On August 11, the share of transaction fees in the revenue structure of Bitcoin miners was only 0.69%, one of the lowest figures in the past decade. This value only slightly exceeds the April low of 0.52%, confirming the persistence of a troubling trend.
For nearly a year now, fee payments have accounted for less than 1% of the revenue of first cryptocurrency miners. Notably, the last time comparable levels were recorded was when Bitcoin's price had not even reached $400. Today, the main source of miners' income remains the block subsidy of 3.125 BTC, which was halved after the April 2024 halving.
This revenue structure makes miners extremely vulnerable to exchange rate fluctuations. According to my calculations based on the Checkonchain model, the average cost of mining one coin on August 11 was $78,254, while the market price of Bitcoin hovered around $64,100. This means that many network participants are operating at a loss.
Hashrate has collapsed by a third from its historical peak
The situation is exacerbated by a significant decline in the network's computing power. According to Hashrate Index, the hashrate has fallen by 33% from the October 2025 highs—from 1.3 ZH/s to the current 898 EH/s. This is not just a correction, but a systemic shift that even automatic difficulty adjustments have failed to reverse.
Analyst Will Clemente links this dynamic to the decline in mining profitability and the mass migration of public companies' capacities into artificial intelligence and high-performance computing. Capriole Investments founder Charles Edwards calls what is happening "the most under-discussed alarming event for Bitcoin in 2026," noting that the hashrate decline has accelerated since April.
The hashprice indicator, which reflects profitability per unit of power, remains at minimal levels—$31.6 per PH/s per day. For comparison, a week earlier this figure was $32.07. Previously, Bitcoin Magazine Pro analysts had already recorded one of the longest periods of decline in computing power in the network's history—287 days.
My comment: We are witnessing a classic capitulation cycle, exacerbated by structural changes in the industry. The migration of capacities to AI is not a temporary solution, but a fundamental shift that could permanently change the mining landscape. The question is not whether the network will survive, but at what cost and with what level of decentralization. Investors should closely monitor hashrate dynamics as an indicator of the ecosystem's long-term health.