The Bitcoin network is experiencing significant changes: its energy consumption is soaring while miners' revenues from transactions remain low.
Rising Energy Consumption
According to the GoMining Institutional report, Bitcoin's energy consumption surged to 33.1 gigawatts by May 2025, up from 15.6 gigawatts in January 2024, marking over a 100% increase in just 17 months.
Declining Mining Difficulty
Mining difficulty in the first half of 2025 has been relatively low with 13 adjustments, reaching 116.96 trillion by the end of June, despite significant increases in 2024.
Low Transaction Fees and Mempool Clearing
On-chain activity in the first half of 2025 reached its lowest levels since October 2023. The mempool cleared twice this year, resulting in miners operating with minimal transaction fee revenue.
The situation of rising energy demands alongside decreasing transaction revenues may persist for years, raising questions about the long-term sustainability of the Bitcoin network.
