Analysis: Bitcoin miners' transaction fee revenue accounts for less than 1%, old mining machines face profitability pressure.

BlockBeats news, October 12: CryptoQuant analyst Axel Adler Jr. stated that over the past 30 days, Bitcoin transaction fee revenue averaged only 0.64% of miners' total revenue, a slight decline from 0.65% the previous week, and this metric has remained below 1% since mid-August 2025. Currently, miners' revenue still primarily comes from newly issued Bitcoin, with transaction fees contributing limitedly to profitability, so miners' operating conditions largely depend on Bitcoin's price and mining machine efficiency. Although Bitcoin's price recovered from around $59,000 to $84,000, improving miners' operating environment, older mining machines still face significant profitability pressure at current electricity rates.

If Bitcoin's price continues to rise, the electricity cost losses of older mining machines are expected to narrow, while the profit margins of high-efficiency mining machines may further expand; conversely, if the coin price falls, miners' revenue will be impacted. Additionally, a fee revenue share below 1% does not directly mean miners are undergoing large-scale shutdowns or selling reserves. If the fee revenue share subsequently continues to recover above 1%, it may indicate that the contribution of transaction fees to miners' revenue has improved. It should be noted that the above costs only calculate electricity expenses and do not yet include other expenditures such as mining machine purchases, cooling facilities, and maintenance.