{"id":427367,"date":"2025-09-15T22:39:12","date_gmt":"2025-09-15T22:39:12","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/427367\/"},"modified":"2025-09-15T22:39:12","modified_gmt":"2025-09-15T22:39:12","slug":"bitcoins-140k-dream-is-still-far-when-do-miners-start-getting-concerned","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/427367\/","title":{"rendered":"Bitcoin’s $140K dream is still far: ‘When do miners start getting concerned?’"},"content":{"rendered":"

\t\t\t\t\t\t\t\t\t\t\"Avatar\"<\/p>\n

Journalist<\/p>\n

\t\t\t\t\t\t\t\t\t\tPosted: September 16, 2025<\/p>\n

\t\t\t\t\t\t\t\tKey Takeaways
\nWhat is the state of the Bitcoin network activity?<\/p>\n

Despite record BTC prices, on-chain activity and the Bitcoin fee revenue were at multi-year lows.<\/p>\n

Could this be a threat to miners and the network security?<\/p>\n

Miners were under no imminent threat, and network security remained healthy, as the rising hashrate showed.<\/p>\n

Bitcoin [BTC]<\/a> miners were now choosing to hold BTC instead of selling.<\/p>\n

Recently, AMBCrypto reported<\/a> that September saw increased Bitcoin miner flows to Binance, raising questions about selling pressure. However, this behaviour has shifted, and the on-chain flows have cooled.<\/p>\n

The $110k-$112k region remained a strong support zone that bulls must defend to keep alive the promise of a bullish move past $123k and onto $140k.<\/p>\n

The 11% rise in the Stock-to-Flow ratio reinforced the scarcity of BTC and hence its bullish narrative.<\/p>\n

\"Bitcoin<\/a><\/p>\n

Source: AJC on X<\/a><\/p>\n

While demand for the asset continued apace, network activity has weakened significantly. In a post on X<\/a>, Messari Research Manager AJC<\/a> noted that Bitcoin was virtually \u201ca ghost town\u201d.<\/p>\n

\n

\u201cBitcoin is now averaging under $500K in daily fee revenue ($179M annualized), the lowest since the advent of ordinals and runes. When do miners start getting concerned?\u201d<\/p>\n<\/blockquote>\n

In contrast, when network activity surged in the first half of 2024, fees exceeded millions of dollars daily. This reflected a strong demand for block space, a demand that has largely disappeared now.<\/p>\n

Assessing Bitcoin miner health
\n\"Bitcoin<\/a><\/p>\n

Source: Checkonchain<\/a><\/p>\n

Miner revenue is split into the block subsidy (or block reward), which is 3.125 BTC per block mined, and transaction fees. A new block is mined roughly every 10 minutes.<\/p>\n

The transaction fee is the sum of all fees paid by users for the transaction included in the block. This is paid to the miners in BTC.<\/p>\n

As the checkonchain data shows, the daily miner revenue was at $61 million on the 10th of September.<\/p>\n

Miners remained healthy because the network is supported not just by transaction fees but also by the appreciation of BTC.<\/p>\n

The demand for Bitcoin is borne not just by on-chain users, but also by institutions and governments.<\/p>\n

Bitcoin treasury companies such as Strategy [MSTR] have been growing in popularity and number over the past two years.<\/p>\n

ETF demand also highlighted that the leading crypto was seen more as a store of value than a settlement network.<\/p>\n

The Bitcoin network continued to see rising hash rates, and miners were not under imminent threat despite the falling network activity.<\/p>\n

\t\t\t\t\t\t\t\t\t\t\tNext: Ethereum traders bet big: 60% go long as rally potential builds<\/a>\t\t\t\t\t\t\t\t\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"Journalist Posted: September 16, 2025 Key Takeaways What is the state of the Bitcoin network activity? Despite record…\n","protected":false},"author":2,"featured_media":427368,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[52,51,16,15],"class_list":{"0":"post-427367","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-ambcrypto","9":"tag-business","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115210719486865079","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/427367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=427367"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/427367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/427368"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=427367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=427367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=427367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}