- Activity on the Bitcoin network seemed to be responsible for a large portion of miners’ income
- Overall activity and NFT interest also fell
Since Bitcoin [BTC] has passed the $65,000 level, the overall sentiment around the king coin is starting to turn negative on the charts.
State of the miners
One positive trend that has emerged is that transaction fees are becoming an increasing share of miners’ revenues. This trend can be attributed to the limited supply of Bitcoin created due to the halving and the increasing number of transactions on the network since the beginning of the year. As a result, miners get more value from transaction processing fees.
This shift in revenue streams will require miners to adapt to the changing ecosystem. They will have to adjust fees as they become their main source of income, forcing the industry to further innovate and adopt efficient capital management strategies.
To remain profitable, miners will likely look for ways to optimize their operations and reduce costs.
Source:
A big drop in activity
However, this over-reliance on activity on the Bitcoin network can also be problematic for the miners. For example, AMBCrypto’s analysis of Santiment’s data found that daily active addresses on the Bitcoin network have declined significantly in recent months.
If activity on the network continues to decline, miners’ ability to generate revenue will also decline.
Source: Santiment
Furthermore, NFT volumes on the Bitcoin network also dropped significantly.
Recently, the Bitcoin network lost its top spot in terms of NFT sales to Ethereum. At the time of writing, Bitcoin ranked third in NFT sales, with Polygon also overtaking Bitcoin in the rankings. 
Source: Crypto Slam Due to the declining interest in the Bitcoin ecosystem, miners may be negatively affected. In recent weeks, daily revenue from miners has fallen from $50 million to $30 million. If the revenue generated by these miners continues to decline, these miners will be forced to sell their BTC holdings to remain profitable.
As a result, excessive selling pressure on BTC could send the crypto’s price plummeting down the charts.
Source: Blockchain.com
Read Bitcoin’s [BTC] Price forecast 2024-25
At the time of writing, BTC was trading at $64,262.42, with no major gains in the past 24 hours. This equated to a 19% drop in crypto volume over the aforementioned period.
Source: Santiment