Bitcoin miners are currently facing a financial squeeze as their earnings from mining have fallen below pre-halving levels. The Bitcoin hashprice, which represents the expected value of 1 petahash per second of hashing power per day, has dropped from over $100 per petahash before the halving to around $51.66 per petahash as of late April.

This decline in revenue is due to a combination of factors, including a drop in Bitcoin prices and a decrease in transaction fees earned by miners. The recent launch of the Runes protocol provided a temporary boost to miner revenue, but this proved to be short-lived. As the Runes hype faded, power consumption on the network has fallen more than the hashrate, indicating that inefficient miners have exited the market.

To offset the loss in revenue, some miners are exploring alternative revenue streams, such as investing in "energy harvesting" programs to lower their energy costs. Additionally, the introduction of spot Bitcoin exchange-traded funds (ETFs) and the potential for increased transaction fees from Bitcoin Ordinals and Layer 2 networks could provide new sources of revenue for miners.

However, the overall outlook for Bitcoin miners remains challenging, with JPMorgan estimating that the current mining cost for Bitcoin is around $45,000, down from above $50,000 previously. The bank sees limited upside for Bitcoin in the near term due to a lack of positive catalysts and the disappearing retail impulse.

In summary, Bitcoin miners are facing a significant decline in revenue due to falling Bitcoin prices and transaction fees, forcing them to adapt their strategies to maintain profitability.