Changes in Bitcoin Miner Revenue Structure: Transaction Fees’ Share Remains Low, Pressure Emerges After the Halving
On-chain data shows that the portion of Bitcoin miners’ revenue coming from transaction fees has remained in a low range for a long time. Block subsidies are still the main component of miners’ income.
This structure will be amplified during halving cycles:
• Block subsidies are cut in half every four years, while fee revenue depends on on-chain transaction demand—these two do not move in sync
• When on-chain activity is in the off-season, fees cannot make up for the shortfall from declining subsidies, compressing miners’ profit margins
• High-cost mining farms face choices such as shutting down operations or selling holdings to maintain cash flow
It is also worth noting that network-wide hashrate and miners’ revenue do not change at the same time. Hashrate reflects the scale of hardware investment made in the past, while revenue reflects current market conditions—there is a clear lag between the two. This time lag usually occurs within a few months after the halving.
Historically, the timing when miner selling pressure is concentrated and released is somewhat related to the electricity-fee settlement cycle for mining rig hosting, rather than being driven entirely by price.
For observers of on-chain data, the net outflow size of miner addresses can better reflect the actual pressure in the current period than network-wide hashrate.
$BTC
#链上数据
On-chain data shows that the portion of Bitcoin miners’ revenue coming from transaction fees has remained in a low range for a long time. Block subsidies are still the main component of miners’ income.
This structure will be amplified during halving cycles:
• Block subsidies are cut in half every four years, while fee revenue depends on on-chain transaction demand—these two do not move in sync
• When on-chain activity is in the off-season, fees cannot make up for the shortfall from declining subsidies, compressing miners’ profit margins
• High-cost mining farms face choices such as shutting down operations or selling holdings to maintain cash flow
It is also worth noting that network-wide hashrate and miners’ revenue do not change at the same time. Hashrate reflects the scale of hardware investment made in the past, while revenue reflects current market conditions—there is a clear lag between the two. This time lag usually occurs within a few months after the halving.
Historically, the timing when miner selling pressure is concentrated and released is somewhat related to the electricity-fee settlement cycle for mining rig hosting, rather than being driven entirely by price.
For observers of on-chain data, the net outflow size of miner addresses can better reflect the actual pressure in the current period than network-wide hashrate.
$BTC
#链上数据
