Transaction fees on the Bitcoin network have dropped to levels not seen in over a decade, hitting lows last recorded in 2012. This sharp decline stems from a broader slowdown in on-chain activity, which has squeezed miner revenues and triggered uncertainty across the industry.

Compounding the pressure, hash rate volatility is now at its highest in Bitcoin’s history. Some large-scale miners have reportedly taken their ASIC machines offline as revenues dry up and network demand weakens. Despite these disruptions, the network’s difficulty has yet to adjust, creating even thinner profit margins for those still online.

What’s particularly notable, according to Alphractal, is that miners appear to be exercising patience. Rather than offloading their BTC holdings to cover costs — a common move in past cycles — they’ve largely opted to stay put, possibly reallocating computing power to areas of higher demand or simply weathering the downturn.