One of the more concerning long-term Bitcoin metrics. The Annual Fees miners earn (ex. block reward) over trailing 12 month period has just dropped to its lowest point since 2019! Bitcoin's transaction throughput fee revenue is in free fall, block rewards keep halving and AI compute demand is through the roof. It's no wonder every single public Bitcoin miner is pivoting away from Bitcoin and into AI. At some point in the future, this line needs to go up if Bitcoin is to be sustainable in years to come. On the positive side, this metric does normally hit a major low at the bottom of bear markets when interest in Bitcoin is lowest.(Charles Edwards)