Currently, the Bitcoin network faces congestion issues, with an estimated 332,000 pending transactions recorded as of 12:05 PM Eastern Time on June 7. This backlog has caused transaction fees to soar significantly, ranging between $50 to $52 per transaction for both high and low priority transactions. There's speculation that the congestion might be related to efforts by the centralized exchange OKX to manage its wallets, although this connection has not been confirmed.

These congestion challenges raise concerns about the profitability of Bitcoin miners and the difficulty they face, particularly following the halving events. Halving reduces the reward miners receive for adding new blocks to the network, impacting their profitability. For instance, Bitfarms, a major BTC mining company, reported a substantial 42% decline in revenues in May, the first full month after the most recent halving.

In addition to profitability issues, adverse weather conditions are exacerbating the situation. Bitfarms noted that its Rio Cuarto facility in Argentina had to halt operations for eight days due to the worst weather conditions in 44 years, resulting in fewer Bitcoins mined.

Despite these challenges, Bitcoin mining in the U.S. alone has consumed a staggering $2.7 billion worth of electricity since the start of 2024. This electricity expenditure could power 1.5% of U.S. households for an entire year, highlighting the significant energy footprint of Bitcoin mining. Post-halving, the average cost to mine a single Bitcoin has risen to approximately $110,000, more than double the cost prior to the halving event.