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Bitcoin miners currently generate revenue from two sources:
Fees are earned when a miner successfully validates a block. The miner earns all the transaction fees from the transactions in that block.
This chart shows the percentage of total revenue that miners earn from transaction fees and the percentage earned from mining rewards.
As the amount of bitcoin entering the network decreases with each halving event, fees will potentially play an increasingly important role for bitcoin miners over time. This is because with each halving event miners will have their mining rewards reduced.
In previous bull markets, the fees percentage has jumped up around times where the price of Bitcoin ($BTC) has begun to peak. Demand for Bitcoin increases during bull markets as new market participants enter and send transactions across the network.
The inverse is true in bear markets where we see fees as a percentage of total miner revenues drop.
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