The Crypto Market Slowdown Hit Miners Hard, Erasing Hundreds of Millions of Dollars from Their Rewards

The crypto market slowdown hit miners hard, with plunging Bitcoin prices, lowering network activity, and cutting transaction fees, erasing hundreds of millions of dollars from their rewards.

The crypto market slowdown has hit miners hard. Plunging Bitcoin prices, lower network activity, and cuts in transaction fees have erased hundreds of millions of dollars from their rewards.

According to data presented by CryptoPresales.com from Statista and Coin Metrics, Bitcoin miners earned $3.86 billion in Q1 2025. This marks a massive $900 million decrease year-over-year.

An 18% Plunge Amid Market Slowdown Pushed Miners’ Revenue to 2022 Levels

When Bitcoin’s price drops or stays weak, like in early 2025, miners earn less money for each block they add to the blockchain.

Since their rewards are usually in Bitcoin, if the BTC price drops, the dollar value of their rewards shrinks even if they mine the same amount. However, transaction fees also tend to fall during a slowdown, due to less trading and less network activity, meaning miners got hit twice. The result was a staggering $900 million wipeout in just three months.

Statistics show that Bitcoin miners raked in $3.86 billion in Q1. While quite impressive, this figure represents a considerable 18% plunge compared to the year-ago period.

Furthermore, statistics show this double-digit drop pushed miners’ revenue to 2022 levels when they raked in around $3.4 billion in Q1 and faced a similar 17% drop year-over-year.

Statistics add that the average monthly revenue dropped by 17% in Q1 2025. During the first three months of 2024, miners raked in an average of $1.55 billion per month, fueled by a peak of over $2 billion in March that year, still the highest monthly revenue on record. In Q1 2025, the monthly average dropped by $270 million and hit $1.28 billion.

Largest Bitcoin Miners See Double-Digit Stock Value Losses

Besides plunging revenues, the largest Bitcoin miners also faced significant stock value losses amid the market slowdown.

According to Companies Market Cap data, the combined market cap of the world’s five largest crypto mining companies, Marathon Digital Holdings (NASDAQ:HDIG), Riot Blockchain (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK), Core Scientific (NYSE:芯) and Bitdeer Technologies Group (NYSE:BTG), stood at $22.2 billion in January; now it’s $14.7 billion.

This represents a staggering 36% drop in just three months.

While all these companies suffered multi-billion losses in Q1, Bitdeer was hit the hardest. Statistics show the Singapore-based crypto miner suffered a massive 52% drop, with its stock value plunging from $4.3 billion to just over $2 billion in three months.

Core Scientific and Riot Blockchain suffered around 35% losses, losing $2.7 billion and $2.5 billion in stock value. CleanSpark’s market cap dropped by 16%, representing the smallest decline in the top five group.