On August 11, transaction fees accounted for 0.69% of Bitcoin miners’ revenue, remaining near a 10-year low. This was highlighted by Glassnode co-founder Rafael Schultze-Kraft.
A mere 0.7% of $BTC miner revenue comes from transaction fees, and has been sub 1% for almost a year.
Bitcoin was below $400 the last time fee share was this low.
Security budget funded almost exclusively by block subsidy. pic.twitter.com/DPr3TMklY7— Rafael (@n3ocortex) August 11, 2026
The only lower figure was in April, at 0.52%.
According to the expert, fees have contributed less than 1% to the income of Bitcoin miners for a year. The last time similar levels were observed, Bitcoin was priced below $400.
Currently, the primary source of miners’ rewards is the block subsidy of 3.125 BTC, which was halved after the halving in April 2024.
The low share of fees increases miners’ dependence on Bitcoin’s price. According to the Checkonchain model, the estimated average cost of mining one coin on August 11 was $78,254. At the time of writing, Bitcoin is trading around $64,100.
Hash Rate Drops by a Third from Peak
Simultaneously, the blockchain’s computational power is decreasing. According to Hashrate Index, the hash rate has fallen by 33% from its peak in October 2025, from 1.3 ZH/s to 898 EH/s.
Analyst Will Clemente linked the trend to declining mining margins and the shift of some public companies’ resources to AI and high-performance computing. He noted that automatic difficulty adjustments have not yet reversed the trend.
Capriole Investments founder Charles Edwards called the situation “the least talked about concerning Bitcoin development in 2026.” He observed that the hash rate decline has accelerated since April.
This is the least talked about, concerning Bitcoin development in 2026. And it’s only worsened since. https://t.co/0yTO4a9FLk
— Charles Edwards (@caprioleio) August 11, 2026
Meanwhile, mining profitability remains low. At the time of writing, the hash price was $31.6 per PH/s per day, compared to $32.07 a week earlier.
Earlier this month, analysts from Bitcoin Magazine Pro highlighted one of the longest periods of computational power decline in the network’s history.
