Bitcoin miners’ revenue stabilises post-halving

Bitcoin (CRYPTO:BTC) miners’ income has shown signs of stabilisation, with Q4 2024 revenue reaching $3.7 billion—a 42% quarterly increase—and Q1 2025 figures approaching $3.6 billion, according to Coin Metrics.

The recovery follows April 2024’s Bitcoin halving, which halved block rewards from 6.25 BTC to 3.125 BTC, pressuring miners’ margins.

Coin Metrics noted miners have adapted through ASIC upgrades, relocation to regions with cheaper renewable energy (e.g., Africa, Latin America), and diversifying into AI data-center hosting.

For example, Core Scientific pledged 200 megaWatts to support AI workloads via CoreWeave.

While hashrate hit all-time highs in January, analysts warn trade wars could disrupt progress.

“Semiconductor tariffs could force smaller miners to power down,” Ben Yorke of WOO X cautioned.

Transaction dynamics remain a mixed bag.

60% of Bitcoin transactions are under $100, reflecting its growing role as a buy-and-hold asset rather than a medium of exchange.

Coin Metrics highlighted declining supply velocity, with holders increasingly treating BTC as a store of value.

Sustained recovery hinges on higher-value transaction activity to bolster fee revenue as block rewards diminish.

While miners’ resilience is evident, geopolitical risks and market sentiment remain critical variables.

The stabilisation underscores Bitcoin’s maturation but also underscores the sector’s vulnerability to external shocks.

Miners’ operational shifts—such as energy-efficient hardware and geographic diversification—signal a focus on long-term viability.

However, the reliance on transaction fees and macroeconomic stability leaves room for volatility.

At the time of reporting, the Bitcoin (BTC) price was $87,326.33.