Bitcoin is approaching $1 billion in all-time transaction fees, $15 billion in miner fees

Bitcoin is nearing $1 billion in total, all-time transaction fees and $15 billion in all-time miner revenue, according to Coin Metrics' latest State of the Network report.

As of Oct. 13, $996,458,718 in transaction fees have been paid on the Bitcoin network, the report noted.

BTC fees now make up significantly less of total miner revenue, which includes block rewards and transaction processing charges.

As of Oct. 13, 2019, Bitcoin's cumulative fees were 6.6 percent of total miner revenue, which indicates that, since February 2018, they've not been increasing as fast as cumulative block rewards.

The report also mentioned that BTC median fees increased by almost $34 in late 2017 Ether fees peaked at only around $3. However, BTC median fees have declined and have consistently remained less than $4 since February 2018, the report revealed.

"This extreme difference in [BTC] median fees is one of the main reasons for the decline in cumulative fees' share of total miner revenue."

As of Oct. 13, cumulative fees account for approximately 3.6 percent of Ether's total miner revenue.

As of Oct. 13, Bitcoin's market cap to cumulative miner revenue ratio is 10.3, while Ether's is 3.2, the report stated.

For the same period, the hash rate grew more for Bitcoin than Ether.

Ether remained flat over the time period it still outperformed Bitcoin, which may be due to "An emerging recognition that demand for Ethereum's block space represented by fees is growing and momentarily eclipsed Bitcoin's daily fees," the report said.