Definition. Compares miner fee revenue against its own annual baseline using a 90-day and a 365-day moving average, so that sustained upturns in blockspace demand separate cleanly from single-day fee spikes.

Technical. Miner Revenue from Fees is drawn faint orange on a log axis, with sma(Fees, 90) in red and sma(Fees, 365) in blue. Price is the grey log-scaled line. A cross-over marker is defined on the workbench but hidden by default:

• if(90D-SMA > 365D-SMA, Price, 0) x if(shift(90D-SMA, 60) < shift(365D-SMA, 60), 1, 0)

Enable it from the legend to highlight the 60 days following a fresh upward cross.

Interpretation. Fees are paid only when blockspace is contested, which makes them one of the few on-chain series that cannot be inflated by moving coins between one's own wallets. The quarterly-against-annual comparison asks whether the last three months of demand for blockspace is outrunning the last year of it — a slower question than the two-year Z-score treatment in the companion chart, and one that responds sooner to a genuine regime change. Both readings are distorted by episodic demand: an inscription or ordinals wave lifts fees without implying broader monetary usage, so the signal is best read as evidence that blocks are full rather than as evidence of why.

Notes. Built from Miner Revenue from Fees and Price. See also the Z-score treatment of the same metric alongside this chart.