Miner Weekly: Halving Hits Bitcoin Fees Too?

This article first appeared in Miner Weekly, BlocksBridge Consulting’s weekly newsletter curating the latest news in bitcoin mining and data analysis from TheEnergyMag. Subscribe to receive in your inbox once a week.

As March 2025 draws to a close, Bitcoin’s transaction fees have experienced another notable decline, now making up only 1.25% of the total block rewards, according to TheEnergyMag’s analysis of Bitcoin blocks this month so far.

This marks the lowest percentage of transaction fees in three years, since April 2022, signaling a significant shift in the network’s dynamics. In 2025, Bitcoin fees have consistently accounted for less than 2% of the monthly block rewards.

For context, transaction fees in March 2025 have totaled 155 BTC so far, which is not yet half of the 361 BTC from three years ago. Has the halving come for transaction fees, too?

Meanwhile, Bitcoin’s seven-day moving average hashpower has quietly recovered, climbing back to 840 EH/s from just below 800 EH/s a week ago. The quiet and steady rise in hashrate indicates that confidence remains strong among large, efficient players, despite Bitcoin’s hashprice—the revenue miners earn per terahash per second—remaining stagnant below $50/PH/s.

With the hashrate recovery, the network is expected to undergo a difficulty adjustment in approximately 10 days, which is projected to rise by 5%. With more miners competing for the same block subsidies and fewer fees to go around, this increase in difficulty could further strain profitability for miners with higher operational costs.

Without a significant uptick in Bitcoin’s market price or a revival in transaction fees, these miners may soon face an unmanageable situation: they may no longer be able to compete.

According to TheEnergyMag’s analysis of earnings reports, the median hashcost—the direct cost miners incur per terahash per second—among publicly listed mining companies was around $34/PH/s in the latest quarter. This leaves only about $15/PH/s as gross margin, even for the largest institutional mining operations.

This environment is setting the stage for further consolidation within the Bitcoin mining industry. Larger players, with more efficient equipment and better access to cheaper energy, are positioned to absorb market share as smaller miners struggle to stay afloat.

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