Bitcoin

<p> <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> are grappling with a sharp reduction in transaction fees, as revenues have plummeted by over 20% in 2024. According to Glassnode, fees for miners have dropped from 22.3% in January to just 2.3% by September. This drastic fall in transaction-based income is forcing many miners to sell their <a href="https://ultramining.com/news/en/rising-mining-difficulty-squeezes-bitcoin-miners-sparks-accumulation-among-whales/">Bitcoin holdings</a> to cover operational costs, as the profitability of mining continues to decrease. In contrast to earlier years, the competition among large-scale mining firms has intensified, further squeezing the profit margins of smaller players in the industry.</p> 
<p>This financial pressure is exacerbated by increasing mining difficulty, which hit an all-time high in recent months. As the complexity of mining new blocks rises, miners need more efficient <a href="https://ultramining.com/hardware/">hardware</a>, significantly adding to their operational expenses. If these trends continue, it could push even more miners toward liquidation of their Bitcoin reserves, adding to the selling pressure on the market and contributing to future price volatility. </p>

Bitcoin Miners Face Drastic Drop in Fees

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