Block Subsidies Dominate Miner Revenue as Fees Plummet

Bitcoin miners are facing unprecedented pressure as transaction fees make up only 0.69% of their revenue, a decade-low that reflects the growing reliance on block subsidies.

Data from Glassnode shows that this proportion has remained near historic lows since April, when it fell to 0.52%. The last time miner fee revenue share was this low, Bitcoin's price was below $400.

Rafael Schultze-Kraft, co-founder of Glassnode, noted on X that 'Bitcoin was below $400 the last time fee share was this low.'

Miners are increasingly dependent on the fixed block subsidy for income, which is currently 3.125 BTC per mined block. The value of this subsidy has dropped nearly 50% since Bitcoin's October all-time high.