🪙 Bitcoin mining margins stay under pressure — but the network isn’t slowing down 📈
Despite continued pressure on miner revenues, Bitcoin’s network strength remains remarkably resilient.
The network has recorded its third consecutive difficulty reduction, yet total hash rate continues to hold above 1.1 ZH/s (around 1,125 EH/s). Miners have managed to keep computational power well above the psychological 1 ZH/s threshold, even as profitability tightens.
What’s interesting is that this pattern isn’t new.
Bitcoin mining has gone through similar phases before — tight margins, muted sentiment, and questions about sustainability — without an immediate drop in network security.
Instead of collapsing under pressure, the network continues to adjust.
Difficulty ticked down by 0.74% this week, marking a combined decline of 5.06% since mid-November. Even so, block production has actually sped up, with average block times now hovering around 9 minutes 25 seconds, noticeably faster than Bitcoin’s 10-minute target.
Profitability, however, tells a different story.
Miner revenues remain under pressure. Hashprice has declined by nearly 10% over the past month, falling from $42.70 to $38.49 per PH/s, reflecting lower BTC prices and reduced fee contribution.
Transaction fees make that imbalance even more visible.
Over the last 24 hours, fees contributed just 0.54% of total block rewards, leaving miners almost entirely dependent on the fixed subsidy.
Yet the broader signal remains one of resilience.
Hash rate stays elevated, blocks keep arriving faster, and there’s still no clear sign of miner capitulation. Rather than reacting sharply, the network appears to be absorbing stress in a controlled way.
What stands out to me is how little the network reacts to short-term pressure.
Despite tighter margins, Bitcoin continues to operate with the same steady rhythm — which says a lot about how its security model is actually designed.
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