On August 13, CryptoQuant analyst Axel Adler Jr. pointed out that the proportion of Bitcoin miners' fee revenue has dropped to 0.71%, nearing the historical low of 0.69% recorded in December 2015, when the BTC price was approximately $394. The 7-day moving average of the total network hashrate has decreased by 23% from its peak in October 2025 (around 1,150 EH/s) to 886 EH/s, while the BTC price fell from $124,700 to $63,400 during the same period, a decline of 49%. Since mid-2025, the fee revenue proportion has consistently hovered around or below 1%, indicating weak competition for block space, with miners' income almost entirely reliant on block subsidies. The analyst noted that while the fee revenue proportions in both periods are similar, they cannot be directly compared—block rewards in 2015 were 25 BTC, whereas they are now 3.125 BTC, making historical comparisons limited to revenue structure. The current situation resembles a controlled adjustment within the mining industry rather than a capitulation; a rise in the fee revenue proportion above 1% and a sustained upward trend in hashrate would signal a true change in the environment.