CoinMeta data: Analyst Axel Adler Jr indicates that in the past 30 days, the average proportion of transaction fees in Bitcoin miners' income has been only 0.64%, a slight decrease from 0.65% a week ago, and it has remained below 1% since mid-August 2025. Currently, miners' income still mainly relies on block rewards. With electricity prices at $0.05 per kilowatt-hour, the cost of using Bitmain Antminer S19 to mine one BTC is about $86,700, which is higher than the current BTC market price, while the corresponding cost for mining one S21 is about $44,300, providing a greater profit margin. Axel Adler Jr points out that the increase in BTC prices has improved the operating environment for miners, but older equipment still faces significant cost pressures. If the proportion of transaction fee income rises above 1%, it would mean that on-chain activities contribute more to miners' income.