Transaction fees dominate Bitcoin miners’ revenue

Bitcoin miner revenue sources are changing significantly, driven primarily by transaction fees, according to Glassnode. In early 2024, the proportion of miner revenue derived from transaction fees peaked at nearly 72% in April and then stabilized at lower levels. This change is related to the launch of Runes during the halving, indicating an increase in transaction processing needs. Historical data shows that surges in fee revenue are often associated with price fluctuations or network activity. Recent trends suggest that miners can profit from transaction fees when Bitcoin price and network activity increase, underscoring the critical role of transaction fees in miner revenue. Understanding these trends is important for predicting the financial health of miners and the economics of the network.