Bitcoin has fallen by almost half since the high point of October 2025, but the miners have not had a massive exit. Analyst Axel Adler Jr. points out that at a time when transaction revenue is close to disappearing and miners ' profits are under pressure, bitcoin-wide computing remains at a high level, suggesting that the mining industry is more like a slow adjustment than a fall in order.

The drop in the value of the currency is greater than the decrease in the ability to calculate.

The data show that the price of bitcoin fell from approximately $12.47 million at the beginning of October 2025 to about $6.34 million on 12 August 2026, a cumulative decline of about 49 per cent. Over the same period, the average daily calculus of bitcoin 7 fell from about 1150 ETH/s to 886 ETH/s, a decrease of about 23 per cent.

This means that, despite a marked decline in currency prices, mining infrastructure has not shrunk significantly in parallel. For less efficient miners, the decline in dollar-denominated income would reduce the profit margin directly, but there was no rapid collapse in the calculation of the entire network.

The percentage of fees dropped to a low

At present, bitcoin transaction fees represent only 0.71 per cent of the miners ' revenues. This level is close to 0.69% in December 2015. Since mid-2025, most of the fees have remained at 1 per cent or less.

Low handling fees usually mean that there is a weaker demand for space on the chain. Currently, miners continue to rely mainly on block subsidies rather than transaction fees. However, this comparison reflects more of a similar income structure, which does not mean that the current mining environment is exactly the same as in 2015.

  • Individual block award for 2015 is 25 BTC
  • Current single block award is 3.125 BTC
  • So the miner's background is not consistent with that year.

The miners are more like adjusting their operations.

According to the article, when miners withdraw from concentration, the calculation usually falls faster. However, the recent fluctuations around 900 ETH/s and the occasional rebound in backsliding suggest that miners are more likely to optimise their equipment and operations than accelerate departure.

Two signals can be followed: whether there has been a further significant decline in calculus, which usually means that more inefficient miners have to be shut down; and whether the return of fees to more than 1 per cent will be sustainable, which will show an improvement in the chain of demand and the structure of the miners ' revenues.

On the whole, against the backdrop of a near-half-turn in higher currency prices and less than 1 per cent in fees, the Bitcoin mining industry is still under pressure, rather than total failure.