Partager cet article
Bitcoin Miners Feel Squeeze as Hashprice Erases Post-Election Gains
Transaction fees made up just 1.3% of total block rewards in February, marking the lowest share since the last bear market bottom in 2022.
What to know:
- Bitcoin mining revenue fell to $45/PH/s, erasing gains from the U.S. election cycle.
- Transaction fees hit their lowest share of block rewards since October 2022.
- The market capitalization of 15 major bitcoin mining stocks declined by $14 billion in February.
Bitcoin miners are facing renewed financial pressure as declining transaction fees and a hashprice drop push operational costs higher, according to TheMinerMag’s February 2025 report.
Bitcoin’s hashrate climbed 3.8% in February to 810 EH/s, showing a slowdown in mining competition growth. However, the hashprice (the revenue that miners earn per unit of computing power) slipped to $45/PH/s, wiping out gains from the U.S. election-driven price surge. At this level, inefficient miners are feeling the strain.
STORY CONTINUES BELOW
Ne manquez pas une autre histoire.Abonnez vous à la newsletter Crypto Daybook Americas aujourd. Voir toutes les newsletters
Transaction fees made up just 1.3% of total block rewards in February, marking their lowest share since the last bear market bottom in 2022. March is trending even lower, at 1.12% so far.
These factors — alongside increased competition from artificial intelligence (AI) data centers — are putting extra pressure on mining operations who rely on hosting agreements and asset-light strategies.
MARA remains the industry leader with 44 EH/s after a 6% hashrate increase, while CleanSpark grew 12% to 39 EH/s. Meanwhile, total bitcoin holdings among miners surpassed 100,000 BTC for the first time, despite some firms like HIVE Digital and Cipher Mining selling their production to fund expansion.
Mining stocks took a hit, with the combined market capitalization of 15 major firms dropping from $36 billion in January to $22 billion in March. Cipher, Canaan, Hut 8, HIVE, and Bitdeer all saw losses exceeding 40%.
With network growth slowing and energy costs rising, miners may need a Bitcoin price rally to avoid further financial strain.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Plus pour vous
Ce qu'il:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Plus pour vous
ETH, ADA, XRP Lead Gains as Bitcoin Edges Higher on Fed Rate Cut Expectations
Asian equities opened the week slightly higher ahead of a heavy run of central bank decisions, including a Federal Reserve meeting where markets have largely priced in a 25-basis-point rate cut.
Ce qu'il:
- Bitcoin traded above $91,300 as Asian equities opened higher, with markets anticipating a Federal Reserve rate cut.
- Bitcoin rose 2% in 24 hours, facing resistance near $94,000, while Ether gained 3% to $3,135.
- Despite crypto market gains, sentiment remains cautious, with potential for a deeper slowdown without new liquidity.
Top Stories
