Application

Bitcoin halvings play a huge part in the significance of fees. The last halving cut the miner block reward from 12.5BTC to 6.25BTC, making the fees available on the network a much larger part of miner revenue. This can be seen through the last halving (May 2020), where fees became a much larger part of overall miner revenues and continue to be throughout 2020 (as we can see from the yellow line).