Fees charts/Subsidy vs Fees

Subsidy vs Fees

The two parts of what a miner collects, averaged per block over each day: the subsidy, which halves on a fixed schedule, and fees, which do not

Short ranges plot one point per block, about one every ten minutes. Longer ranges plot one point per day, computed from every block in that day. How it is computed depends on the chart: some average, some total the day up, some are a ratio of the day's sums, and each chart says which. Either way a brief spike inside a day is smoothed away.

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Key factsCalculated from the points currently plotted, so they follow the range you pick. Zooming with the slider changes only what you see, not these.

over selected range

OverlaysExtra context drawn on top of the chart. Event markers are vertical lines at dated moments; a comparison series is a second set of numbers on its own axis at the right.

Event markers

Every 210,000 blocks, roughly every four years, the block subsidy halves. Fees are the other part of what a miner collects and do not halve with it. Four halvings have happened so far.

A BIP is a Bitcoin Improvement Proposal: a design document for a change to the protocol. These lines mark the dates that proposals such as SegWit and Taproot became active on the network.

Releases of Bitcoin Core, the software most nodes run. A release does not change consensus rules by itself, but it often changes what transactions a node will relay, which can show up in these charts.

Dated moments outside the protocol that moved the numbers: exchange failures, country-level bans, the first Ordinals inscriptions.

Comparison series

The BTC price in US dollars, drawn on its own axis on the right. Sampled every 4 days, which is all the source provides for the full history, so a range shorter than that cannot draw it. Price crosses six orders of magnitude, so it usually wants the logarithmic setting beside it.

The total size of the block chain on disk, growing as blocks are added. An archival node keeps every byte of it; a pruned one verifies the same blocks and then discards the old ones.

Compare with

one at a time: they share the right axis

RelatedCharts measuring the same thing or covering the same part of the network, for reading this one in context.

BTC Transferred Volume Total Fees per Block Max Transaction Fee Protocol Fee Revenue

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About this metric

Definition

The two halves of what a miner collects for a block. The subsidy is new bitcoin the protocol creates, currently 3.125 BTC and halving every 210,000 blocks. The fees are what senders paid for space. Only the first is on a schedule.

How it is measured

The block subsidy (new BTC created) halves every 210,000 blocks (~4 years). After the 2024 halving, the subsidy is 3.125 BTC per block. The subsidy schedule is fixed by the protocol; the fee side is not. Fees are a larger share of revenue when they hold up as the subsidy falls, and a smaller one when they fall faster, so the balance between the two is an outcome to watch rather than a guarantee.

Measured from my own Bitcoin node. Methodology