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Block Subsidy Now Dominates Bitcoin Miner Revenue as Transaction Fees Dwindle

Shawn

Summary: Bitcoin miners are increasingly reliant on block subsidies, which now make up nearly all of their revenue following the halving earlier this year. On Sept. 13, only 1.6% of daily miner revenue came from transaction fees, a sharp drop from previous highs when fees accounted for over 40%. The decline in on-chain activity, particularly from ...

Bitcoin miners are increasingly reliant on block subsidies, which now make up nearly all of their revenue following the halving earlier this year. On Sept. 13, only 1.6% of daily miner revenue came from transaction fees, a sharp drop from previous highs when fees accounted for over 40%. The decline in on-chain activity, particularly from trends like Ordinals and Runes, has contributed to the lower fee income, raising concerns about the long-term sustainability of Bitcoin's security model as block rewards continue to decrease.

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