The chart visualizes miner revenue from both transaction fees and block rewards. The mining reward decreases by half during each halving event, which occurs approximately every four years.

The chart illustrates the amount of revenue Bitcoin miners earn from transaction fees as they validate blocks. The fees are variable and depend on the number of transactions included in each block, as well as the overall demand for block space in the Bitcoin network.

This indicator highlights the relationship between Bitcoin miners’ revenue and historical norms. When miner revenue is extremely high, it suggests that the market is potentially overheated, while low miner revenue suggests the market may be undervalued.