Bitcoin on-chain summary: Hashrate is stagnating

Bitcoin's on-chain activity continues decreasing, and the miners keep on with their slow pace in getting hashrate online.

Daily miner revenues briefly topped above $40 million at the beginning of April but have kept on dropping and are now $37 million. Mining profitability is now close to 12-month lows.

While the lower bitcoin price is the primary cause for the current low miner revenues, another reason is the minuscule transaction fees, currently making up less than 1% of the miner revenue.

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