According to Glassnode data, Bitcoin transaction fees now account for only 0.69% of miners’ revenue, staying close to the ten‑year‑low of 0.52% hit in April this year. Fee‑derived revenue has remained below 1% for nearly one year, making miners’ income more dependent on the block subsidy of 3.125 BTC per block. Data from Checkonchain shows that Bitcoin’s total network hashrate has fallen from its peak of 1.3 ZH/s in October 2025 to 861 EH/s, a drop of roughly 33%. The average production cost of one BTC is currently estimated at USD 78,254, about 23% higher than the prevailing spot price.