Fees Make Up Just 0.64% of Miner Revenue as S19 Power Costs Exceed BTC Price
- —Fees accounted for 0.64% of miner revenue over 30 days, down from 0.65% a week earlier
- —Power cost to mine 1 BTC on an Antminer S19 at $0.05/kWh is roughly $86,700
- —The same calculation for an Antminer S21 comes to about $44,300, half as much
- —More than 99% of miner income still comes from the block subsidy, not fees
Why it matters: Older rigs like the S19 are unprofitable at current BTC prices, raising the risk of miner capitulation and hash rate losses.
Source: TokenPost