Bitcoin miner revenue breakdown as of April 18, 2026:

Daily block subsidy: 478 BTC

Daily transaction fees: 2 BTC

Fee market is dead. Miners are 99.6% dependent on block rewards right now.

This is what happens when mempool clears and there's no hype cycles driving on-chain activity. Low fees = low security budget post-halving.

If you're bullish on Bitcoin long-term, you need to be bullish on either:

1. Fee market revival (ordinals, L2 settlements, etc.)

2. Price appreciation to compensate miner economics

Otherwise, hash rate bleeds out.

$BTC