At the end of October 2026, Bitcoin miners were sharing about 2.7 BTC in fees per day, worth nearly 200,000 euros, compared with 737 BTC per day in January 2018 and 265 BTC in January 2024. Since June 2025, the average has remained below 20 BTC per day, while fees now account for only 0.6% of miners’ revenue. The 2028 halving will cut the subsidy from 3.125 to 1.5625 BTC per block, with no significant compensation from transactions expected. Less profitable operators could shut down their machines if Bitcoin’s price does not rise, although difficulty adjustments and energy flexibility could limit the impact. Some major groups already investing in artificial intelligence could reduce competition and potentially weaken mining concentration in the United States.
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