Fidelity analysts believe that the trend of falling transaction income for miners may become long-term, but it does not pose risks to the security of the blockchain.

According to experts, the main catalyst for the drop in miners’ income was the spot Bitcoin ETF launched in January 2024. Exchange products have accumulated at least 5% of the market supply of the first cryptocurrency.

New uses of the Bitcoin blockchain, such as assets in the Runes or Ordinals protocols, have not had a significant impact on the profitability of miners, experts say.

“Institutional investor participation in the industry will continue to increase this year. There is no reason to assume a reversal in the trend of decreasing transaction income of miners,” the report says.

At the same time, concerns about miners stopping work due to decreased income and security are exaggerated. Some companies with high operating costs may move their activities to regions with cheaper electricity tariffs, analysts noted.

In their opinion, large exchanges and other market participants who receive income from transactions with the asset itself are interested in maintaining the reliable operation of the blockchain.

Earlier, QCP Capital experts reported that traders’ expectations regarding Bitcoin volatility have changed. Now macroeconomic indicators play a key role in shaping the trend of the first cryptocurrency.