Bitcoin miner revenue is facing headwinds, primarily due to a significant decrease in transaction fees. According to recent reports, daily transaction fees are contributing only around $300,000 to miner revenue, marking a 12-month low. Impact on Miner Profitability This $300,000 contribution represents a mere fraction, less than 1%, of the total revenue generated by Bitcoin miners. The vast majority of miner income now comes from block rewards, which are earned by successfully mining new blocks on the blockchain. The reduced reliance on transaction fees highlights the changing economics of Bitcoin mining. Factors Contributing to Lower Fees Several factors could be contributing to this decline in transaction fees. Increased adoption of layer-2 solutions like the Lightning Network, which batch transactions together, and a potential decrease in on-chain activity could be playing a role. Furthermore, improvements in Bitcoin's block space efficiency may also contribute to lower fees. ```