Because users are willing to bid against each other for block space, bitcoin-denominated miner transaction fee revenue has increased fivefold over the past year. In general, the bitcoin price is also up around percent since this time last year. The Numbers Behind Transaction Fees According to BitInfoChartsBitcoin miners were taking in 10 to 15 bitcoins per day from transaction fees for all of and half of Bitcoin miners were collecting around 30 bitcoins per day in fees by the end of — a doubling of the previous norm.
Keep in mind, these transaction fees are collected in addition to the block subsidy, which was halved from 25 bitcoins per block to The block reward is the combination of the block subsidy and the transaction fees. Fees really started to take off in the summer ofwhen the fees collected by miners per day amounted to 50 to 60 bitcoins. Since then, miner transaction fee revenue has seen meteoric growth to bitcoins per day.
As the chart provided by Blockchair. Miners now collect 1, bitcoins per day via the block subsidy and bitcoins per day via transaction fees. This means the total reward is roughly 2, bitcoins, of which roughly 12 percent is made up of transaction fees.
Of course, in U. Scaling Debate Not Affecting Bitcoin Miners Many Bitcoin hashers — the miners that provide their hash power to mining pools — were initially missing out on the increased transaction fee revenue. This was because mining pools were not sharing the transaction fees with their hashers. Since transaction fees are now around 12 percent of the overall block reward, competition has forced mining pools to share this transaction fee revenue with hashers.
Many mining pools, even those that routinely complain about the lack of a hard-forking increase to the block size limitare now pushing marketing campaigns built around this new, growing source of revenue for hashers. While some users are complaining about higher fees or the fact that they are unable to get a transaction confirmed in a timely manner, miners are earning increased revenue.
The Future of Bitcoin Transaction Fees What will happen with transaction fees over the near term remains unclear. If adopted, Segregated Witness may offer some relief in terms of an effective doubling of the availability of block space.
But some argue that cheaper fees would not last that long due to the possibility of blocks quickly becoming full again at least partially due to the cheaper fees that come with excess block space and demand for block space continuing to rise. Recently, China-based Bitcoin miner Chandler Guo indicated that no one wants to rock the boat while the bitcoin price is still at historical highs.