Bitcoin Miners Face 17% Revenue Drop Amid Stagnant Hashprice

Bitcoin miners are currently facing a challenging environment, with shrinking profit margins due to a stagnant hashprice and increasing operational difficulties. Despite a slight rebound in Bitcoin’s price, many miners are still under financial strain due to heightened competition and outdated mining equipment. Smaller miners are particularly vulnerable, as the prolonged sideways movement in Bitcoin’s price could lead to a significant portion of the hashrate going offline.

The current state of Bitcoin mining is marked by a stagnant hashprice of $48 per petahash per second (PH/s), despite an increase in network difficulty and a reduction in transaction fees. This situation poses serious threats to miners’ operational viability, as the mining landscape continues to evolve. The recent downturn in Bitcoin’s price to $80,000, followed by a recovery to $85,172, has not been enough to sustain daily mining revenues, which have fallen to $39.23 million per day from $47 million just a few months ago.

Transaction fees have also taken a hit, constituting only 1.12% of block rewards as of March 24, 2025. This is the lowest proportion since January 2022 and significantly impacts miners who rely on transaction fees for additional revenue. The average per-block fee income now stands at under 0.04 BTC, further straining miners already operating on slim margins.

In response to the declining profitability of older mining rigs, many miners are seeking efficiencies. Machines like the Antminer S19 XP and S19 Pro, which yield $0.088 and $0.067 per kilowatt-hour respectively, are becoming increasingly unviable against regional electricity prices. This has pushed many operators to adopt newer, more efficient models, such as the Antminer S21 Hyd, which offer higher profitability. The inherent lag in Bitcoin’s difficulty recalibration process means miners are currently facing heightened challenges, with a 5.6% increase in difficulty compounding their struggles despite a decrease in overall hashrate. Public miners enjoy some insulation due to better hardware, while many smaller competitors are at risk of shutting down operations.

Looking ahead to the next difficulty adjustment, projected for April 7, a potential drop of 4.3% could provide temporary relief for struggling miners. The current average block time suggests that such a recalibration is likely, offering a brief respite amidst ongoing pressures. However, the uncertainty surrounding Bitcoin’s price trajectory continues to weigh heavily on miner sentiment. The state of Bitcoin mining signals a crucial inflection point, where operational efficiency, technological upgrades, and market dynamics will determine the future for miners. With key decisions looming, miners must navigate these challenging waters carefully.