The Bitcoin ecosystem has witnessed a significant decrease in transaction fees following the halving event on April 26. Miner revenue from transaction fees has dropped from $80 million before the halving to $6 million. A recent report from CryptoQuant revealed that transaction fees now only account for 35% of total miner revenue, down from 75% on April 19.

The fourth Bitcoin halving event took place on April 19, reducing miner block rewards to 3.125 Bitcoins and lowering the daily issuance rate to 450 Bitcoins from 900. On the halving day, daily revenue from transaction fees spiked to $100 million, with fees reaching a peak of 1,258 Bitcoins worth $80 million due to increased network activity caused by the Runes protocol.

Since the halving event, transaction fees have returned to lower levels, constituting around 35% of total miner revenue, which now stands at approximately $50 million. Data from YCharts shows a drop in Bitcoin transaction fees from $80 million to $6 million. Despite the decrease in fees, some miners may struggle to stay profitable with Bitcoin prices fluctuating around $64,000.

It is still early to predict the long-term effects of the halving event on the network's hash rate, with miners currently operating at a similar rate as before the halving. The Bitcoin network's hash rate is at 617 EH/s, with the hash price at its lowest since October at $0.07 per TH/s.