Bitcoin’s miner fee revenue plummets by 50% from recent highs

Quick Take

A marked shift in Bitcoin’s fee structure has become noticeable as the digital asset continues to fluctuate. Bitcoin’s fees have seen a significant decrease of 50% from the peak of its recent mini-bull run.

In numerical terms, by the end of Dec. 2023, the total amount paid to miners in fees stood at approximately $15 million, which has dwindled to around $7 million. This scenario suggests that we are in slightly uncharted territory, just above the zenith of the “inscription frenzy” observed in May 2023.

The proportion of miner revenue derived from fees, calculated as fees divided by the sum of fees and minted coins, currently sits at about 14%, a drop from its peak of 25%. While Bitcoin exhibits these changes, Ethereum’s fees have maintained a steadier course, consistently outpacing Bitcoin’s since Jan. 3.

These contrasting trends in fee structures highlight the unique dynamics between Bitcoin and Ethereum, further underlining the necessity for investors and miners to monitor and consider such factors closely in their strategic decision-making.

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