While Bitcoin oscillates around $60,000 to $65,000, miner revenues from transaction fees have collapsed to 2019 levels, reaching approximately $96 to $114 million annually. Back in 2019, Bitcoin was worth only $5,000, versus 13 times more today, while the network’s market capitalization exceeds $1.2 trillion. After the last halving, the fee share in miner revenues dropped below 10%, and with mining costs around $62,650, net margin has shrunk to 5%. Faced with this crisis, major players like Canaan (CAN), which holds 1,915 BTC and 3,952 ETH worth approximately $130 million, are liquidating reserves to launch a $30 million share buyback program and pivoting toward high-performance computing and artificial intelligence.
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