Bitcoin transfer volume rose 26% while miner fees fell 8.8%

Bitcoin moved far more value in the week covered by Glassnode’s October 26 report, yet the fees that pay miners shrank. With the block subsidy due to halve in 2028, fee income is the revenue line miners cannot yet rely on.

• Glassnode reported entity-adjusted transfer volume rose 26% to $5.5 billion from $4.4 billion a week earlier.
• Weekly transaction fees fell 8.8% to $185,200 from $203,200, while daily active addresses slipped 2.2% to 615,200.
• Watch whether fee competition rises before the 2028 halving cuts the subsidy from 3.125 BTC to 1.5625 BTC.

• $5.5B Entity-adjusted transfer volume in the week, up from $4.4 billion
• $185,200 Weekly transaction fees paid to miners, down from $203,200 a week earlier
• 0.38% Fees as share of subsidy revenue, against 494 BTC in block rewards
• 615,200 Daily active addresses, down 2.2% from the prior week

Glassnode reported that Bitcoin’s transfer value rose 26% to $5.5 billion in the week covered by Glassnode’s Monday (October 26) report, even as miners collected less in fees. The Glassnode report measures entity-adjusted volume, which climbed from $4.4 billion a week earlier.

Fees moved the other way, falling 8.8% to $185,200 from $203,200.

Active addresses fell 2.2% to 615,200 as transfer value climbed

Daily active addresses declined 2.2% to 615,200, according to Glassnode. More money crossed the network over fewer active addresses, which widens the gap between value moved and the activity that earns miners revenue.

Miners earn from two sources: newly issued BTC for producing blocks and fees from users competing for limited blockspace. Busier networks can push users to bid higher for faster confirmation. Fees track that competition rather than the dollar value transferred, so a large transaction can pay relatively little.

That competition has stayed subdued despite the rise in transfer volumes.

Pool BTC: fees were 1.88 BTC against 494 BTC in subsidies in one day

Mining analysis platform Pool BTC illustrated the disparity in a post on X, using network activity from the 24 hours through Sunday (October 25). Miners produced 158 blocks and earned approximately 494 BTC in subsidies worth $39.5 million. Transaction fees added just 1.88 BTC, worth roughly $150,000, or 0.38% of subsidy revenue.

The imbalance has persisted beyond a single reporting period. Pool BTC noted, citing Glassnode data, that fees made up just 0.69% of miner revenue on Aug. 11 and have stayed below 1% for much of the past year.

Earlier this month, CryptoSlate reported that miners’ daily revenue climbed back above $40 million, with fees under 1% of income. Set against that, the roughly $150,000 in fees from the 24 hours through October 25 is a sliver of the $39.5 million in subsidies.

The 2028 halving will cut the subsidy from 3.125 BTC to 1.5625 BTC per block

That dependence leaves miners heavily exposed to Bitcoin price swings and to the scheduled reduction in block rewards, which currently supply nearly all their income. The next halving, expected in 2028, will cut the subsidy from 3.125 BTC to 1.5625 BTC per block, a 50% reduction.

Unless competition for blockspace strength

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