Bitcoin miners are under financial pressure as transaction fees decline and hashprice drops, pushing operational costs higher, according to a report from TheMinerMag in February 2025.
Key Insights:
- Bitcoin mining revenue fell to $45/PH/s, erasing gains from the U.S. election cycle.
- Transaction fees accounted for just 1.3% of total block rewards in February, the lowest since October 2022.
- The market capitalization of 15 major bitcoin mining stocks dropped by $14 billion in February.
Bitcoin’s hashrate rose 3.8% in February, reaching 810 EH/s, indicating a slowdown in mining competition growth. However, the hashprice decline is forcing inefficient miners to struggle.
Transaction fees are trending even lower in March, currently sitting at 1.12%. Increased competition from AI data centers adds further strain on operations that depend on hosting agreements.
Major leaders in mining include MARA, with 44 EH/s after a 6% increase, while CleanSpark grew 12% to 39 EH/s. Total bitcoin holdings among miners have surpassed 100,000 BTC for the first time, despite some companies selling their production to fund expansion.
Mining stock valuations declined significantly from $36 billion in January to $22 billion in March, with firms like Cipher, Canaan, and Hut 8 reporting losses exceeding 40%.
With energy costs on the rise and network growth slowing, miners may require a price rally in Bitcoin to escape further financial difficulties.
