In June 2025, Bitcoin miners received only 0.99% of their revenue from transaction fees within the overall block reward structure. This is the lowest figure since early 2022, indicating a significant decline in activity on the Bitcoin network even as the coin’s value remains above $105,000.
This is reported by Finway
Decline in Fees and Transactions: Key Reasons
According to Glassnode, on June 14 and 15, the share of fees in miners’ revenues dropped even below 0.65%. At the time of preparing this material, this figure had recovered to 1.07%, but the average level for the first half of June remains at 0.99%.
Estimates show that in June, miners earned only $7 million from fees, while the total industry revenue amounted to $722 million. This trend is accompanied by a decline in the seven-day moving average of transactions to its lowest levels since October of last year.
The share of fees in the block reward was 0.99% since the beginning of June.
Experts note that the situation with fees complicates the position of miners, who are already feeling pressure from the increasing network difficulty and declining profitability. The downward trend began in April 2024 after the implementation of the Runes protocol and the growing interest in meme coins, which temporarily increased the load on the blockchain.
Impact of Halving and Market Changes
After the halving in April 2024, the share of fees in the block reward structure decreased from 6.7% to less than 1% in June 2025. With the current reward of 3.125 BTC, this means that miners receive less than 0.03 BTC per block from fees alone.
According to Hashrate Index, the price of hash rate remains around $53 per PH/s, which is nearly half of the pre-halving levels. At the end of 2024, with a similar Bitcoin price, this figure exceeded $60. In light of this, even with the historically high price of the cryptocurrency, miners’ margins continue to shrink.
At the same time, analysts at CryptoQuant reported that on June 5, the Hash Ribbons indicator recorded the end of miner capitulation. Experts note that mining companies are resuming equipment operations amid record growth in hash rate, which reduces market pressure from coin sell-offs.
It was previously reported that Riot Platforms sold nearly 9 million shares of Bitfarms at a 56% loss.