According to Golden Finance, the halving effect has led to a decrease in transaction fee revenue, making block subsidies the primary source of income for Bitcoin miners. On September 13th, out of the miners' daily income of $25.35 million, only $398,860 came from transaction fees, accounting for just 1.6% of the total.

This marks a significant change compared to previous periods, when transaction fees reached over 40% of miners' revenue.

Analysts suggest that as the block subsidy halves every four years, the importance of transaction fees in network security will only grow. Some advocate for increasing block size to accommodate more transactions, while others suggest adopting Layer 2 solutions, which could drive more settlement transactions back to the main chain.