The proportion of network handling fee income has sharply dropped to below 1%, reaching a three-year low. CoinAnk data shows that although the rise in coin prices has kept block rewards at a high level of $327,000, the total income of miners is still approaching historical lows, forming a significant "revenue divergence" phenomenon. The root causes are, on one hand, weak on-chain transaction activity (the average handling fee per transaction is only $1.45), and on the other hand, the inevitable result of intensified competition in network computing power. This dual pressure is driving deep changes in the mining industry: the iteration of efficient mining machines and the layout of low-cost electricity have become key to survival, accelerating the industry's reshuffling.

From a market impact perspective, the continuous shrinkage of handling fee proportion may weaken the foundational network security. Over-reliance on block rewards for miner income will amplify the impact of coin price fluctuations on computing power, especially against the backdrop of block subsidies reducing to 3.125 BTC after the halving. If computing power significantly declines due to profit pressures, it may weaken the Bitcoin network's ability to resist 51% attacks. In the medium to long term, this structural dilemma will force the accelerated implementation of second-layer expansion solutions and drive mining companies to optimize operational efficiency through mergers and acquisitions (such as the CleanSpark acquisition of mining sites). Although the short-term market volatility index has dropped to a four-month low, the continued low position of miner holdings compared to bull market cycle levels (1,804,448,831,531,15) suggests that increased selling pressure may constrain the upward space for BTC prices.