Bitcoin Mining Continues Expansion Despite Falling Fees and Transaction Volume

Since the beginning of June, Bitcoin miners have earned approximately $7 million from transaction fees, which accounts for less than 1% of the total revenue of $722 million. According to TheMinerMag, this indicator could potentially dip to its lowest point since January 2022, with the proportion of network fees in daily revenue falling to 0.65%. Over the course of a week, the average number of Bitcoin network transactions has dropped to the lowest since October 2023. Despite these poor metrics, miners continue to expand their operations. According to JPMorgan, industry players based in the USA now constitute 31.5% of the global Bitcoin hash rate. Since April, American miners have increased their hash power by about 11 EH/s. MARA Holdings increased its capacity by 30% in a month, and HIVE expanded by 32% following the launch of a new facility in Paraguay. Additional metrics include: - The cost of the latest generation ASIC miners ranges from $10 to $30 per TH/s, with a payback period exceeding two years given electricity prices of $0.06 per kWh. - Experts predict that, by the end of Q2, the median cost of mining one Bitcoin could approach $70,000.