Transaction fees represented just 0.64% of Bitcoin miner revenue on average over the past 30 days, according to analyst Axel Adler Jr. In dollar terms, this amounts to roughly 64 cents per $100 of daily miner revenue. The indicator has remained below the 1% threshold since mid-August 2025, and Bitcoin’s rise from $59,000 to $84,000 mainly explains the improvement in miners’ conditions. At an electricity price of $0.05 per kilowatt-hour, the Antminer S21 requires about $44,300 in electricity to mine one Bitcoin, compared to $86,700 for the S19 model. MARA posted a $611.3 million net loss in the second quarter, and several publicly traded miners sold more than 32,000 BTC in the first quarter of 2026 to invest in artificial intelligence contracts worth an estimated $70 billion industry-wide.
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