Bitcoin Mining Costs Surpass $70,000 Amid Expansion and Low Fee Revenues

The average cost to mine one Bitcoin has surpassed $70,000. This increase is driven by the rising network hash rate and higher electricity prices. Despite this, mining companies continue to expand their capacities. According to JPMorgan, American firms have increased their combined hash rate by 11 EH/s since April, now controlling 31.5% of the world's computational power. However, income from transaction fees remains very low, with miners earning only $722 million since June, and just $7 million of that from fees—less than 1% of total revenue. Data from TheMinerMag indicates that the share of fees in daily income has dropped to 0.65%, one of the lowest levels since January 2022. Additionally, network activity is declining, with the number of transactions reaching a minimum since October 2023.