For the week ending December 29, 2025, transaction fees accounted for merely 0.52% of total Bitcoin miner revenue, representing approximately 16 BTC out of 3,166 BTC in total earnings. Since the April 2024 halving reduced the block subsidy to 3.125 BTC, fees have consistently remained below the 1% threshold. Network hashrate reached roughly 1,099 EH/s, intensifying computational competition for blocks while revenue per unit of hash power continues to shrink. In response, publicly listed operators including MARA, Riot Platforms, CleanSpark, Cipher Mining, and IREN are pivoting toward AI and high-performance computing, a strategic shift that could account for over 70% of their total revenues by the end of 2026 according to a CoinShares report.
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