The amount of money miners earn from transaction fees has significantly decreased since the last halving event. A recent report from CryptoQuant shows that now transaction fees account for 35% of total miner revenue, down from 75% on April 19.

During the fourth Bitcoin halving, which occurred recently, miner block rewards were cut in half. This led to a decrease in daily issuance from 900 BTC to 450 BTC. On the day of the halving, miner revenue reached $100 million due to a surge in transaction fees, reaching $80 million or 75% of total revenue.

One reason for the spike in transaction fees was the Runes protocol, which saw high network activity after its launch. However, within 24 hours, fees returned to normal levels. Currently, fees make up 35% of miner revenue, with total revenue around $50 million, down from a high of $78 million before the halving.

According to YCharts data, transaction fees have dropped from $80 million on April 20 to $6 million. As fees continue to decline and BTC prices struggle, some miners may be forced to shut down. However, the long-term effects on network hashrate remain to be seen as miners seem to be operating at the same rate as before the halving. The hash rate is currently at 617 EH/s, with a hash price of $0.07 per TH/s, the lowest since October.