Justin Drake noted that since 2016, Bitcoin fees have remained at roughly 1% of miner revenue despite multiple halving events

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Drake argues that transaction fees, which are expected to rise in the future as the block subsidy disappears, have failed to climb to support the network operation. Since 2016, fees have only represented 1% of all the revenue earned by miners per block.

The researcher noted that Bitcoin fees have constantly declined for over a decade despite halving and reducing the issuance rate. In fact, the fees are falling faster than the issuance rate on the network, with a 30-day moving average (MA) of Bitcoin transaction fees currently at 6.5 BTC per day.