Despite high Bitcoin prices, miners are facing squeezed profits due to the lowest transaction fees since 2012 and rising network difficulty, which adversely affects their revenue.

The Revenue/Hash ratio is at historic lows, indicating a structural shift in miner dynamics, leading to potential exits for smaller players and emphasizing the need for operational optimization.

With smaller miners struggling to survive, the industry faces consolidation, risking Bitcoin’s decentralized nature and potentially concentrating mining power among a few dominant players.