Indicator Overview

The Miner Fees to Block Subsidy Ratio tracks the percentage of total miner revenue generated by transaction fees compared to the block subsidy. The colour shifts from green (low fee ratio) to red (high fee ratio). The BTC Price is overlaid in white on a secondary logarithmic axis for historical context.

How To Use

• Green Zones (0%–4%): These levels indicate low on-chain fee pressure relative to the subsidy. Historically, these zones align with accumulation phases, deep bear markets or early bull market stages where network utility is stable and potential under-utilised.

• Transition Zones (5%–8%): As the gradient shifts toward orange, it signals rising network demand and increased competition for block space. This often occurs during the meat of a bull market or during significant network events (e.g. Ordinals/Inscriptions spikes).

• Red Zones (9%–12%+): Vivid red areas highlight periods where fees represent a significant portion of miner revenue. Extreme spikes in this ratio have historically coincided with cycle peaks, intense network congestion, or major structural shifts in Bitcoin's fee market.

• Regime Shifts: Monitor the transition from green to red as a sign of a maturing market. Prolonged stays in the upper red percentiles suggest the network is transitioning toward a fee-dominant security model, providing insight into Bitcoin’s long-term economic sustainability.