Revenue is everything the network hands to the people securing it, made up of newly issued coin plus what users pay to transact. It is the top line of the entire mining industry.

Within that total, the proportion coming from fees is the part that carries the long-run question. The issued portion is on a published schedule towards nothing, and something has to replace it.

What it actually measures

Most of the payout is a fixed quantity of coin, so the total moves closely with price. It breaks step in two places: at each scheduled cut in issuance, and during bursts of demand for space in blocks.

The months after a scheduled cut are where difficulty shows up most plainly. Issuance halves on a known date while costs do not, and whether the total recovers depends entirely on price and on fees.

A period where fees carry an unusually large share is the closest thing available to a preview of the network’s eventual state. Those stretches have been brief and infrequent so far, which is itself a finding worth sitting with rather than skipping past.

A known deadline that nobody can plan around

The schedule for issuance is public, fixed and stretches decades ahead. Almost nothing else in this market is knowable that far out, which ought to make planning straightforward and does not.

What is unknown is the replacement. Fees have to grow into the gap, and nobody can say from what level or on what timetable. The certainty of the deadline and the uncertainty of the answer sit side by side, and this chart is where the gap between them is measured.

What it does not tell you

Revenue counts what the network pays and not what anybody keeps. Costs sit entirely outside it, so a record payout can accompany an industry losing money.

The fee share is volatile enough to mislead over short windows. A single congested week lifts it dramatically without saying anything about the structural trend.

Total income also grows with price rather than with usage. A high figure during an advance describes what coin is worth, not how much demand there is for the network.

How to read it

Fee-supported. An unusually large slice of the payout is coming from transaction demand rather than issuance.

Subsidy-led. Freshly minted coin accounts for the bulk of the payout, as it does in almost every week on record.

Income squeeze. The total payout is contracting, which reaches the least efficient operators first.

The Mining & Network dashboard keeps Revenue alongside Hashprice, Security Glacier and Miner Stress.

Common questions

Why does the fee share matter so much?

Because issuance halves on a published schedule and eventually reaches nothing. Fees are what has to grow into that gap, which makes the share the long-run question.

Does the total follow price?

Closely, since most of the payout is a fixed quantity of coin. It breaks step at scheduled issuance cuts and during bursts of demand for space in blocks.

What happens at a scheduled cut?

The issued portion halves overnight while costs do not. Whether the total recovers depends on price and on fees, and the months afterwards are where difficulty shows up most plainly.

Does a record payout mean a healthy industry?

Not necessarily. This counts what the network pays and not what anybody keeps, so a record figure can sit alongside an industry losing money.

Is a fee spike meaningful?

Rarely on its own. One congested week lifts the share dramatically without settling anything about whether the structural trend underneath it has moved at all. Sustained stretches are the ones worth reading.