On-chain data shows the volume of Bitcoin miners has observed a steep drop recently. Here’s what this could mean for the asset.
Bitcoin Miners’ Volume Share Has Been Sharply Going Down Recently
In a new post on X, the market intelligence platform IntoTheBlock has discussed the recent trend in the Bitcoin Miners’ Volume Share. The “Miners’ Volume Share” here refers to an on-chain indicator that keeps track of the percentage of the total Bitcoin transaction volume (that is, the amount of BTC becoming involved in transfers on the network) that miner-associated transfers are making up for.

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Below is the chart shared by the analytics firm that shows the trend in the Bitcoin Miners’ Volume Share over the past decade.

As displayed in the graph, the Bitcoin Miners’ Volume Share briefly rose beyond the 20% mark last year when BTC observed its Q1 rally. This suggests the miners were moving around large amounts on the blockchain, potentially to take advantage of the profit-taking opportunity that the run offered.
Since this peak, though, the indicator’s value has been going down. There was a temporary deviation towards the end of last year when BTC witnessed its new bull rally, which once again implied the miners were looking to cash in. The selloff lasting only briefly could suggest the miners ran out of coins to sell. Another potential interpretation of the trend, however, could be that it’s rather an increase in activity across the network that has forced Miners’ Volume Share to shrink.
From the chart, it’s visible that the pattern has been observed in past bull markets as well, which adds credence to the fact that it may be the transaction volume uplift caused by the fresh capital inflows that tend to take place in such periods that are responsible for the trend.
It’s also apparent, though, that the metric’s peak has been getting lower with each cycle. The reason behind this may be that the block subsidy, which miners receive as compensation for solving blocks and makes up for the bulk of their income, gets halved each cycle during an event known as the Halving.
Miners earning less naturally means that they also have a lower amount of capital to shift around on the network, which would show up on their share of the transaction volume.
Bitcoin Miners’ Volume Share has now plunged under the 5% mark, meaning that it has fallen lower than the bottom of the 2017 cycle. Though, it’s still yet to reach the same low as during the 2021 bull market.
BTC Price
Bitcoin has extended its losses by another 2% in the past day as its price has dropped to the $93,700 level.

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Thai Police Crack Down on Illegal Bitcoin Mining
The Provincial Electricity Authority (PEA) of Thailand, in collaboration with the Crime Suppression Division (CSD), shut down an illegal bitcoin mining farm. Authorities raided the facility in the Phanat Nikhom district of Chonburi, confiscating 996 mining rigs. The farm was found to have tampered with electricity meters to obtain nearly free power, causing losses amounting to hundreds of millions of baht.
Clever Planning and Meter Manipulation
The operators of the mining farm carefully orchestrated their activities to avoid suspicion. Electricity meters functioned normally during the day, while electricity theft occurred only at night. This calculated approach was designed to conceal illegal operations and evade detection.
Energy-Intensive Bitcoin Mining
Bitcoin mining is a process that demands massive energy consumption. Electricity expenses account for the largest share of operational costs, prompting some operators to resort to illegal methods to maximize profits. By bypassing regulations, these miners significantly reduce their expenses.
A Growing Problem of Illegal Mining in Thailand
Exploitation of Electric Grids on the Rise
Thailand's electric grid has faced repeated attacks from illegal cryptocurrency miners. Following China’s crackdown on bitcoin mining in 2021, Thailand has become a hotspot for unauthorized operations. Over the past year, several raids have been conducted.
In August 2024, authorities uncovered a similar mining farm in Ratchaburi, where illegal miners caused power outages and higher electricity costs for local residents. In another case, two individuals in Surat Thani province were accused of stealing $280,000 worth of electricity to power mining rigs on an abandoned property.
Widespread Damage and Global Consequences
In 2022, Bangkok’s Department of Special Investigation carried out a series of raids, dismantling over 50 illegal mining operations. These activities caused yearly electricity losses exceeding $10 million.
Similar issues have been reported globally. In October 2024, Malaysia's national electricity provider announced losses of over $100 million due to electricity theft for bitcoin mining.
Addressing the Issue: Stricter Regulations
These incidents have prompted governments worldwide to introduce tougher measures. Regulations are being tightened, electricity tariffs increased, consumption limited, and in some cases, outright bans on crypto mining are being enforced. These efforts aim to gain better control over this energy-intensive sector.

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GoMining, the innovative blockchain platform, is now offering Bitcoin mining services on the Solana network, making BTC rewards more accessible than ever.
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Soaring energy costs and halved mining rewards push Bitcoin miners to secure billions in funding to sustain operations and maintain competitiveness.
Rising Costs and Competition Drive Urgent Action
Bitcoin miners face mounting energy costs and increasing competition. U.S.-based companies like Marathon Digital, Riot Platforms, and CleanSpark have collectively raised over $3.7 billion since November 2024 through low-coupon convertible bonds. A significant portion of these funds has been used to purchase Bitcoin and bolster reserves, fueled by Bitcoin surpassing the $100,000 mark.
Bitcoin Accumulation as a Core Strategy
Marathon Digital CEO Fred Thiel emphasized their goal to "accumulate as many bitcoins as [we] can." The company now holds nearly 45,000 BTC, valued at over $4.4 billion. This approach reflects a broader strategy among miners to secure their holdings amidst market fluctuations.
Challenges: Rising Costs and Lower Mining Rewards
Despite these efforts, miners face critical hurdles:
Rising energy costs continue to pressure operational expenses.Record-high Bitcoin hash rates intensify competition among miners.Halved mining rewards, reduced from 6.25 BTC to 3.125 BTC per block, further strain profitability.
James Butterfill, head of research at CoinShares, highlighted the "stratospheric increase in hash rate," which could leave miners with higher production costs vulnerable if Bitcoin prices adjust downward.
Diversification and Cheaper Energy Sources
Miners are adopting innovative approaches to reduce costs:
Collaboration with AI companies: Firms like Hut 8 and Hive lease their data centers to AI developers, offsetting expenses.Expansion to low-energy-cost regions: Marathon is extending operations to energy-abundant areas such as Kenya and Paraguay, enabling more cost-effective mining.
Future Outlook
Bitcoin miners continue to adapt to challenging conditions through investments in new technologies, pursuit of affordable energy solutions, and collaborations with the AI sector. These strategic moves demonstrate the industry's resilience and ability to evolve in the face of a rapidly shifting market landscape.

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Bitcoin miners are riding a wave of increased profitability as December marked a turning point for the mining sector. According to a report from CoinDesk, daily revenue and gross profits for Bitcoin miners surged to their highest levels since April, thanks to Bitcoin’s ongoing rally. This uptick signals renewed optimism among miners and the broader cryptocurrency market as we enter 2025.
Key Factors Behind the Revenue Surge
1️⃣ Bitcoin Price Rally
The driving force behind the increase in mining revenue is Bitcoin’s impressive price recovery. Bitcoin’s price growth has outpaced the network’s hashrate increase, creating favorable conditions for miners.
2️⃣ Improved Block Rewards Revenue
In December, Bitcoin miners earned an average of $57,100 per exahash per second (EH/s) in daily block rewards. This represents a 10% increase from November, highlighting the profitability of mining operations during the rally.
3️⃣ Hashrate and Difficulty Trends
The network hashrate grew by 6% to an average of 779 EH/s, reflecting increased computational power in the Bitcoin network. Meanwhile, mining difficulty rose by 7%, a sign of heightened competition among miners.
Challenges Persist Despite Gains
While miners are enjoying short-term gains, revenue and gross profits remain 43% and 52% lower, respectively, compared to pre-halving levels. This disparity underscores the challenges posed by Bitcoin’s halving event in April 2024, which reduced the block reward from 6.25 BTC to 3.125 BTC.
Moreover, despite the rally, public mining companies faced a mixed December. The total market capitalization of 14 publicly listed Bitcoin miners fell by 23% to $28 billion, following a stellar 52% rise in November.
TeraWulf Outshines Its Peers
Among public miners, TeraWulf (WULF) stood out as a star performer in 2024. The company achieved a 136% gain, outpacing Bitcoin’s own impressive 120% rise. TeraWulf’s success underscores the importance of strategic operations and efficient mining setups in maintaining profitability during market shifts.
Implications for the Future
The latest surge in miner revenue reflects Bitcoin’s growing strength as a financial asset. Analysts point to several key takeaways:
Strengthened Network Security
The rise in hashrate and mining activity boosts the security and decentralization of the Bitcoin network, making it more resilient to potential attacks.Economic Incentive for Miners
Higher profitability incentivizes miners to continue contributing computational power to the network, ensuring its sustainability.Market Sentiment
The rally in Bitcoin’s price and mining profitability sends a bullish signal to the broader market, potentially attracting new participants and investors.
What Lies Ahead for Bitcoin Mining?
As the cryptocurrency market continues to evolve, miners face both opportunities and challenges. The sustained rally of Bitcoin is expected to further increase profitability, but rising mining difficulty and competition could put pressure on smaller operators.
Moreover, with Bitcoin halving cycles historically acting as catalysts for price rallies, the next few months will be critical for miners. The ability to adapt to changing market conditions, invest in efficient hardware, and manage costs will determine who thrives in this increasingly competitive industry.
Final Thoughts
Bitcoin’s December rally has provided a much-needed boost for miners, setting a positive tone for the new year. However, challenges remain, and the sector must navigate them carefully to sustain long-term growth. For investors, the current surge in miner revenue is another indicator of Bitcoin’s resilience and its role as a cornerstone of the cryptocurrency ecosystem.
Stay tuned for more updates as the mining landscape continues to evolve!
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