Definition. This chart presents a ribbon of rolling Z-Scores applied to the percent of Bitcoin miner revenue derived from transaction fees (fees divided by fees plus newly minted coins) across four lookback windows — 1 year (red), 2 years (orange), 3 years (teal) and 4 years (purple) — around a zero reference line (grey), with price in black. It provides a statistical measurement of on-chain congestion and fee-market pressure relative to protocol issuance across timeframes.

Technical. Each ribbon trace normalizes the daily fee share of revenue (7-day EMA) against its own trailing distribution:

• Fee Share = Fee Revenue / (Fee Revenue + Block Subsidy)
• Z-Score(w) = (Fee Share - sma(Fee Share, w)) / std(Fee Share, w) for w = 1, 2, 3 and 4 years

Interpretation. Periods of high network activity and blockspace congestion push transaction fees up faster than issuance, lifting the fee share of miner revenue. A positive Z-Score signals fees contribute an above average share of miner revenue relative to the corresponding window, and a negative Z-Score signals a below average share. Reading the windows together adds regime context: short windows react first, so the 1-year trace turning positive ahead of the longer ones indicates fee pressure is building, while confluence of all four traces above zero marks broad congestion regimes that have historically accompanied bull markets and episodic blockspace demand waves. Conversely, all windows holding below zero is characteristic of prolonged quiet, bear-market blockspace conditions. Note that halvings mechanically lift the fee share — the subsidy in the denominator halves — so post-halving readings are structurally elevated independent of congestion, with short windows re-normalizing sooner than long ones.

Notes. Built from Percent Miner Revenue from Fees, the share of miner revenue derived from fees rather than the fee amount in BTC or USD. Single-window variants with red/blue regime coloring are available for the 2-year and 4-year windows.