Bitcoin Miners Can Finally Breathe: Their Revenues Are Stabilizing at $3.6 Billion Despite the Bitcoin Halving in April 2024

Bitcoin miners can finally breathe: their revenues are stabilizing at $3.6 billion despite the Bitcoin halving in April 2024. But behind this apparent calm, a storm is brewing.

The Bitcoin miners can finally breathe a sigh of relief as their revenues have begun to stabilize at $3.6 billion despite the Bitcoin halving which occurred in April 2024. However, behind this apparent calm, a storm is brewing. Indeed, while the narrative around the Bitcoin price or the BTC/USD pair is interesting in its own right, it's also important to consider the broader ecosystem and the factors that influence it.

As such, we can observe that the mining sector is facing a crucial turning point with rising costs, dependence on Bitmain, and pressure on fees. The question remains: will this model be able to hold up much longer or is it headed for disaster?

Bitcoin miners have absorbed the shock of the last Bitcoin halving in April 2024 and managed to maintain their profitability. In the fourth quarter of 2024, their revenues reached $3.7 billion, and in early 2025, they are still estimated at $3.6 billion.

This stability is rather surprising given the decrease in BTC generated per block and the reduction in margins. Moreover, the network is becoming increasingly power-hungry, which could pose a problem in the long term.

Furthermore, a large portion—59% to 76%—of the global hashrate is concentrated in the hands of Bitmain, the main manufacturer of ASIC machines and a company that plays a crucial role in the ecosystem. However, this almost complete monopoly raises concerns, especially regarding the supply of ASIC machines, which is heavily dependent on trade relations between China and the United States.

Recently, customs restrictions have slowed down some deliveries, forcing American Bitcoin miners to juggle with unpredictable delays and increasing uncertainty. This situation could have a significant impact on the miners' ability to operate smoothly and profitably.

But to stay afloat, miners are innovating. Some are migrating to regions where energy is cheap, such as Africa, Latin America, or the wind farms in Texas. This mobility allows them to optimize their costs and adjust to local regulations.

Others are taking a surprising turn by hosting data centers for artificial intelligence (AI). For instance, Core Scientific is already dedicating 200 MW to this activity. It's a clever bet that enables them to monetize existing infrastructures and hedge against Bitcoin fluctuations.

In addition, we can note that only 1.33% of mining revenues come from transaction fees, a figure too low to offset the decline in block rewards. For the model to hold, there will need to be more on-chain activity.

The question of whether the Lightning Network and layer 2 solutions will be the key to increasing transaction fees and usage of the Bitcoin network remains open.

One thing is for sure: between store of value and medium of exchange, Bitcoin is evolving. And with it, the whole mining ecosystem is transforming to adapt to these changes and ensure its survival in an industry that is becoming increasingly competitive and regulated.

The last halving was a turning point for the Bitcoin miners, who had to adjust to the decrease in the block reward. They absorbed the shock and managed to maintain their profitability despite the rising costs and pressure on fees.

However, this stability is fragile and could be threatened by the increase in network difficulty, which could rise by 16% in April 2025 due to the arrival of new, more efficient machines.

Indeed, as the price of Bitcoin (BTC) hovers around $30,000, the profitability of Bitcoin mining is becoming increasingly critical for the ecosystem's survival.

With the Bitcoin halving in April 2024, the block reward was reduced from 6.25 BTC to 3.125 BTC, putting pressure on miners to process more transactions to generate income from transaction fees.

According to blockchain data, the average transaction fee in March 2025 is around $1.33, which is minimal compared to the $30,000 value of each Bitcoin.

This means that even with high transaction volumes, miners will derive minimal revenue from this source, especially with the increase in the hashrate and the arrival of new, more efficient machines, which will lead to more blocks being mined and an influx of new coins.

According to the data, the network difficulty could increase by 16% in April 2025, which could further reduce the transaction fee revenue for miners as the competition to mine blocks intensifies.

In this context, the weakest miners may be forced to shut down if they are unable to keep up with the rising costs and decreasing revenues, which could have a cascading effect on the Bitcoin network.

The fate of the Bitcoin ecosystem will depend on the miners' ability to adapt and optimize their operations to survive in this increasingly competitive and regulated industry.