So What If Bitcoin Fee Revenue Is Low

Introduction

Revenue for bitcoin miners from transaction fees is dropping to record lows, and fierce debates over the importance and long-term effects of this data are raging online. Current fee revenue represents barely 1% of total earnings for miners, a significant drop from the height of the latest bullish market cycle when, in February 2021 for example, fees were over 13% of monthly revenue. This data has been the subject of intense disagreement on Twitter as everyone from decentralized finance researchers to Bloomberg Journalists to professional cryptocurrency traders weigh in on the doom (or lack thereof) signaled for bitcoin by low fee revenue.

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