Bitcoin miners experienced their lowest daily revenue in over a year, with earnings dropping to the lowest level since April 2024.
The decline in revenue is attributed to decreasing transaction fees and recent price declines in the cryptocurrency market, which have put pressure on mining profitability.
The Miner Profit/Loss Sustainability model suggests that miners are currently more underpaid than they have been since July 2024, raising concerns about capitulation risk for smaller mining operations.
Historically, sharp miner underpayment could indicate potential market turning points, although some view it as a buy signal. Low revenues may lead to hashrate declines or equipment sell-offs, impacting network stability.