Despite hitting new price highs and reaching unprecedented computational power, Bitcoin network metrics reveal a deeper slowdown in several core usage indicators. For 23 consecutive days, Bitcoin has held above $100,000, setting a price record of $112,000 on Bitstamp on May 22, 2025. However, on-chain and off-chain activity is painting a more complex picture.
Hashrate Hits Record High Despite Lower Miner Revenue
On May 8, Bitcoin’s total network hashrate reached 929 EH/s, the highest point in 2025. This surge occurred despite increased mining difficulty and a 22% drop in average earnings per petahash, compared to pre-halving payouts.
Before the 2024 halving, the median revenue per PH/s was about $75. Now, miners need Bitcoin to reach at least $139,300 per coin to return to former profitability levels. This figure excludes transaction fees, which now account for only 1% of miners’ daily revenue.
On-Chain Activity Falls as Memepool Clears
While price and hashrate are rising, other Bitcoin network metrics show decline. The once-congested mempool — which previously had over 700,000 unconfirmed transactions — has now been fully cleared. Several recent blocks, such as #899008 to #899056, were only half or one-quarter filled.
Daily transactions have ranged from 290,000 to 630,000 this year, with a median of 460,000. These numbers are solid, but not record-breaking, and they signal a stabilization — or even reduction — in on-chain demand.
Lightning Network Declines by 50%
Off-chain indicators are even more telling. The Bitcoin Lightning Network, which peaked at over 80,000 payment channels in September 2022, now hosts only 40,000 channels — a 50% drop in active off-chain routing infrastructure.
While the Lightning Network was once seen as the key to scaling Bitcoin microtransactions, its decline suggests limited adoption for everyday payments.
The current network shows strength in price and security, but user engagement and usage are trending downward. This split dynamic could shape future developments in mining economics and scaling strategies.
