Miner Weekly: Bitcoin Mining Cools as Fees Plunge and Disclosures Dry Up

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.

After a volatile post-halving stretch, Bitcoin mining is entering a quieter phase — and not just on-chain. Transaction fees, which briefly spiked during the Runes-driven activity in April 2024, have now dropped to their lowest share of miner revenue since the last bear market bottom.

So far in June, Bitcoin transaction fees have accounted for just 1.05% of total block rewards, according to TheEnergyMag’s data — a decline from the 1.3% figure in May and a steep fall from the 10.25% seen in June 2024. The drop tracks with a slowdown in on-chain usage: the seven-day average for Bitcoin transactions has sunk to its lowest point since October 2023.

This decline undermines the post-halving narrative that transaction fees would naturally take up a larger share of miner rewards as block subsidies fall. Instead, fee-based revenues have collapsed just as operational costs remain high, squeezing margins and making even modest mining operations harder to sustain.

The effects are beginning to show not only in financial statements but in corporate communication practices. Several public miners have quietly stopped issuing monthly production updates, once a staple of investor transparency.

Argo Blockchain (NASDAQ: ARBK), Bit Digital (NASDAQ: BTBT), Terawulf, Hut 8 (NASDAQ: HUT), and Bitfarms stopped providing production figures one by one over the past few months. Core Scientific (NASDAQ: CORZ) has also stopped publishing its Bitcoin hodl and hashrate updates, though it continues to publish daily and monthly BTC mined via X.

While the silence is not uniform, it is widespread enough to suggest more than just oversight.

Internal challenges may also be a factor. According to TheEnergyMag’s latest research, Terawulf experienced a sharp energy cost spike in Q1 2025, which may explain its retreat from monthly updates, particularly since the company previously reported detailed power pricing in its monthly disclosures.

Bit Digital and Argo, meanwhile, saw hosting disruptions after their contracts were terminated by Coinmint and Galaxy, respectively. And Hut 8’s withdrawal from production updates coincides with the spinout of its proprietary mining business into the newly formed American Bitcoin Corp.

For some, in a high-cost, low-fee environment, transparency may now be seen more as a liability than a virtue.

Hardware and Infrastructure News

Dominant Chinese makers of bitcoin mining machines set up US production to beat tariffs – Reuters
Bitcoin Miners Face More Trouble as Transaction Fee Share Hits 3-Year Low – Decrypt

Corporate News

Bitcoin Miner Price Targets Raised to Reflect Improved Mining Economics: JPMorgan – CoinDesk

Financial News

IREN closes upsized $550 million convertible notes offering – Link
Bitdeer Cuts 8.5% Bitcoin Mining Debt with Shares at 60% Discount in $330M Raise – TheEnergyMag