Bitcoin miners are facing a challenging situation as revenue and network activity decline. Daily transactions have dropped to their lowest levels since late 2023, resulting in a decrease in transaction fees that contribute to miner revenue. The recent subsidy reduction from the halving event has also placed additional pressure on miners. Centralized exchanges are moving BTC in bulk transactions, which minimizes transaction fees. Furthermore, custodial services, governments, corporations, and ETFs are reducing transactional demand. This decline in activity and revenue could jeopardize the security model of Bitcoin as miners may shut down equipment, reducing the network's hash rate and making it more vulnerable to attacks. Long-term solutions depend on increased adoption and transactional demand. Without growth, miners may face falling income and rising costs, posing a threat to the decentralized backbone of the Bitcoin ecosystem.



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