After the halving, miner revenue fell from $74.9M to $36.6M per day. Before the halving, average monthly miner revenue from fees was below 5%, but now it’s over 10%, a high level (blue bars). In past cycles, these high fee periods lasted 384 and 423 days, respectively, with the current value at 189 days. To make up for lost revenue, miners are funding risky projects on the BRC-20 token standard. These ventures promise quick returns but are very uncertain.