Bitcoin Miner Activity Drops to Lowest Level Since 2022
New data reveals that Bitcoin miners are becoming less active on the network, with their share of transaction volume dropping to the lowest levels seen in nearly two years.
This trend coincides with a significant geographic shift in mining power, as the United States now accounts for the vast majority of global Bitcoin mining.
According to blockchain analytics firm Sentora, miner-related transactions currently make up just 3.3% of total Bitcoin volume—a steep decline from last year when miners at times contributed over 20%. The current level mirrors figures last observed during the late 2022 market bottom, suggesting a broader slowdown in miner-driven activity.
Historically, elevated miner volume has been tied to increased selling, as miners often move coins to fund operations or realize profits. The current downturn could imply reduced selling pressure, though the long-term market impact remains unclear.
Meanwhile, a separate report from the Cambridge Centre for Alternative Finance highlights the United States’ rapid rise as the central hub of Bitcoin mining. In just four years, the U.S. has gone from hosting a minor fraction of global hashrate to dominating it entirely—now accounting for 75% of all reported mining activity. This follows China’s sweeping ban on mining in 2021, which forced a mass exodus of miners.
The study also confirmed that the average electricity cost for miners remains around $45 per megawatt-hour, validating long-standing assumptions used by analysts to model Bitcoin’s production cost. Electricity represents the lion’s share of a miner’s expenses—up to 80%—making it a critical factor in determining profitability.
Some analysts view production cost as a key metric for identifying potential entry points for long-term Bitcoin investors. With verified cost inputs and a changing landscape of miner behavior, new patterns may emerge that reshape how the market responds to mining dynamics going forward.
The combination of dwindling miner activity and U.S. dominance suggests that Bitcoin’s infrastructure is becoming more concentrated and potentially more stable, but it also raises questions about decentralization and future regulatory implications.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
