As blockspace demand increases, miner revenues will be positively affected. Whilst the fee spike in May was historically large, it has since cooled off, and both total fees and their relative share of miner income remain relatively low.
Both metrics have lifted above their typical ‘bear market’ levels; total fees have increased by 216% from ~12 BTC/day to 38 BTC/day, and the the proportion of the miner income from fees has increased from 1% to 4%. Both are meaningful increases, however are still small in an absolute and historical context.
