According to Mars Finance, Bitcoin miners’ income is experiencing some twists and turns, with block subsidies now accounting for almost all of miners’ income. On September 13, of the miners’ daily income of $25.35 million, only $398,860 came from transaction fees, accounting for only 1.6% of the total income.
This is a significant change from previous periods, when transaction fees peaked at over 40% of miner revenue, highlighting the growing reliance on block subsidies.
With the Bitcoin halving earlier this year reducing block rewards to 3.125 BTC, miners’ revenues faced a double squeeze, highlighting the challenges facing the current mining ecosystem.
The sharp drop in fee revenue can be largely attributed to the cooling of once popular trends such as Ordinals and Runes. These innovations once held the promise of reviving on-chain activity, thereby increasing transaction fees and miner profitability. As interest in these trends waned, fees also fell, and miners were left to grapple with the new economic reality.
