2026 Bitcoin Mining Outlook

Bitcoin miners are projected to earn $17.2 billion in 2025, but fees have fallen to about 1% of revenue as AI pivots gain momentum.

Ecosystems•December 30, 2025, 2:29PM EST
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2026 Bitcoin Mining Outlook

Quick Take

  • This is a section from The Block’s 2026 Digital Assets Outlook report.
  • Bitcoin miner revenue rose to ~$17.2B on higher bitcoin prices post-halving, but transaction fees as share of revenue collapsed from ~7% to ~1% as the 2024 onchain activity boom faded, increasing miners’ reliance on BTC price appreciation.
  • Hashrate hit a record 1 zetahash.
  • Public Bitcoin miners’ stocks outperformed bitcoin by pivoting toward AI infrastructure, but this trend risks diverting resources from mining and could weaken network security without renewed onchain demand.

Quick Take

  • This is a section from The Block’s 2026 Digital Assets Outlook report.
  • Bitcoin miner revenue rose to ~$17.2B on higher bitcoin prices post-halving, but transaction fees as share of revenue collapsed from ~7% to ~1% as the 2024 onchain activity boom faded, increasing miners’ reliance on BTC price appreciation.
  • Hashrate hit a record 1 zetahash.
  • Public Bitcoin miners’ stocks outperformed bitcoin by pivoting toward AI infrastructure, but this trend risks diverting resources from mining and could weaken network security without renewed onchain demand.
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