BITCOIN SEASON 2: Nobody Is Using Bitcoin Right Now

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4.7 • 698 Ratings

🗓️ 27 August 2025

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin transaction fees have collapsed to near-zero levels despite BTC hitting new highs. Will Owens from Galaxy Digital breaks down the data showing "free blocks" and what this means for miners and the network's long-term sustainability. Will Owens from Galaxy Digital joins us to talk about Bitcoin's shocking transaction fee collapse. Despite BTC ripping to new all-time highs, fees have fallen to historic lows with "free blocks" becoming common. We dive deep into the data showing how custodial adoption and speculative activity moving to other chains is creating a miner revenue crisis. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **NOTES:** • Bitcoin fees at all-time lows despite $120K price • "Free blocks" with 1 sat/vB fees now common • Miners losing 15-20% potential revenue from fees • 1.5M Bitcoin vulnerable to quantum attacks • Hash price hit $35/TH all-time low recently • Coinbase custodies over 1 million Bitcoin Timestamps: 00:00 Start 01:05 Are fees important? 09:09 Free Block 10:37 Do miners care? 13:24 OP_RETURN 18:38 OP_RETURN & Bitcoin Core 21:34 Wallet type - 👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech! Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? hello@blockspace.media

Transcript

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0:00.0	Bitcoin fees are in free fall.
0:03.1	Yes, you heard that right.
0:04.3	Transactions on Bitcoin are near or at an all-time low.
0:08.1	We got a report, which details all of it.
0:10.0	And we have the guy who wrote the report on the show.
0:12.6	Let's kick it off.
0:19.3	So, welcome back to Bitcoin season two.
0:21.8	You know Charlie, you know Colin, but we have a third guy here today.
0:26.2	Will Owens, welcome to the show, Will.
0:28.7	Thank you so much for having me.
0:30.2	I appreciate it.
0:31.4	You know, everybody's obsessed with Bitcoin's minute decline from like 124K down to like 113,
0:39.9	that happens just every normal week.
0:42.3	But what's different this time is that transactions on Bitcoin,
0:48.6	something happens on chain,
0:50.6	that market is looking pretty dire right now.
0:55.0	You cover a lot of Bitcoin mining stuff.
0:58.9	This really affects the long-term Bitcoin miner outlook.
1:02.5	It probably hasn't affected it too much yet,
1:04.7	but maybe for the listener,
1:07.1	how important is it that we look at transaction fees right now?
1:11.2	I think that, well, first of all, it is very strange that, and we'll dive into this report
	...

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