Bitcoin mining revenues have surged, reaching around $3.1 billion in Q1 2025, after the halving event that reduced mining rewards.
Miners have adapted to tighter profit margins and lower block rewards by upgrading to more energy-efficient mining hardware, relocating to regions with affordable renewable energy, and diversifying into AI data-center hosting.
Falling cryptocurrency prices have put additional pressure on miners, but those with substantial capital have managed to adjust.
To maintain miner incentives, increased transaction activity on the Bitcoin network, particularly higher-value transactions, has been suggested.