The share of miner revenue paid in fees rather than new issuance. The subsidy is scheduled to zero — the only open question is what replaces it. We are watching for the first bid that does not decay.
of the block reward was paid in fees over the past day. Every spike above this level on record was human speculation — and every one decayed. The buyer the thesis predicts has not yet arrived. The machine bid will not look like a spike. It will look like a floor.
The subsidy halves every 210,000 blocks and ends at zero. Each halving mechanically doubles the fee share of unchanged fee revenue — the denominator is being removed by code. Provided fees exist at all, the inversion is written into the issuance schedule; only its date, and who pays, are undecided.
Fees have exceeded issuance before — briefly. But every spike on record was human speculation: 2017’s token mania, 2021’s bull, 2023’s inscriptions, and the 2024 rush for the first satoshi of Epoch V, when block 840,000 cleared ≈37 BTC in fees from collectors bidding for a trophy. Each decayed. The record proves the auction clears above subsidy. It says nothing about the buyer.
Machine demand will not read as mania. Agents settle continuously — consolidating, anchoring, closing channels — indifferent to sentiment. Its signature is a rising 30-day floor that holds through quiet markets, diverging from the spike-and-decay pattern of every human wave before it. Catching that divergence early is what this page exists to do.