Crypto Treasuries Go Wild as Mining Revenues Stand Still
Hashprice and fees channel their inner stablecoin amid crypto frenzy
While Bitcoin smashes through new highs above $120,000 and crypto and mining stocks whiplash on treasury announcements, one corner of the ecosystem refuses to join the mania: Bitcoin’s hashprice—and transaction fees—are behaving more like stablecoins than market-exposed assets.
Over the past week, the total crypto market cap hit a new record above $3.75 trillion. Ethereum and Solana have become unlikely favorites for corporate treasuries—particularly among Bitcoin mining companies. BitMine began accumulating ETH, and BIT Mining raised eyebrows with its pivot into SOL. Bit Digital, once a Bitcoin miner, is winding down its mining business entirely to go all-in on high-performance computing and Ethereum.
These altcoin treasury plays aim to replicate the success of Strategy’s Bitcoin playbook and echo the rollercoaster ride of Sharplink, which pivoted from an online performance marketing firm into an Ethereum treasury holder.
Now backed by Consensys, Sharplink (SBET) saw its stock soar from under $5 to nearly $80 in late May after announcing its ETH stockpile, only to crash below $10 in the following weeks, before rebounding to around $30.
Similarly, BitMine (BMNR)—a formerly obscure Bitcoin miner listed on the NYSE—saw its stock surge from $3 to $135 after unveiling its Ethereum treasury strategy earlier this month, before plunging back to $30.
And yet, the company’s website still declares: “At BitMine, Bitcoin isn’t a theory – it’s a cornerstone of our corporate strategy.” Ironically, BitMine made its first Bitcoin treasury purchase only in June, acquiring 100 BTC. A month later, it’s touting plans to become one of the largest Ethereum treasury holders, targeting $500 million in ETH.
For what it’s worth, these firms are at least enjoying wild volatility, and ETH is finally showing momentum, up 16% against BTC over the past week. Hashprice? It blinked—and went right back to sleep.
After briefly spiking to a one-year high near $64/PH/s over the weekend, Bitcoin’s hashprice quickly settled back to around $60/PH/s following an 8% difficulty jump. Over the past year, hashprice has remained stuck in a narrow band around $50/PH/s. Over the past month, the hashprice went up by 9.8%, compared to all the double-digit gains shown above.
The same is true for transaction fees. With Bitcoin’s mempool unusually quiet, fees now contribute less than 1% of total block rewards. Inscriptions have dried up, and even regular congestion is absent. In a market where everything is mooning, blockspace demand is staying firmly on the ground.
Miners hoping to ride Bitcoin’s bull run may find themselves outpaced by the network itself. With the seven-day average hashrate crossing 940 EH/s again—just shy of an all-time high—another difficulty increase may arrive in about 9 days, threatening to erode any revenue gains from the rising BTC price.
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