Fee Ratio Multiple (FRM)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
The Fee Ratio Multiple (FRM) divides miners’ daily total revenue, block subsidy plus transaction fees, by the transaction-fee component. Both amounts use the same denomination, leaving a unitless multiple whose reciprocal is fees’ share of miner revenue.
How to read it
A high FRM means fees cover only a small share of revenue and miners depend more on the subsidy; a lower FRM means fees contribute more. The series fell to a record low of 1.325 on April 20, 2024, equivalent to fees contributing about 75.5% of total miner revenue that day.
The ratio can explode when fees approach zero, as in early history, which is why a logarithmic scale helps. No finite ratio exists when fees are zero, and the first valid observation is February 3, 2009. Halvings alter the subsidy mechanically; a low reading alone does not prove lasting fee demand or miner profitability.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Fees
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 5,885
FAQ
Is a higher Fee Ratio Multiple a higher miner fee share?
The relationship is the opposite: fee share is 1 divided by FRM. Higher FRM means less revenue comes from fees, while a value closer to 1 means fees dominate.
Does FRM compare miner revenue with mining costs?
No. Its denominator is transaction fees, not electricity, hardware or operating expenses. It describes the revenue mix rather than mining profit.
Why are some early FRM values enormous or missing?
Tiny fee totals make total revenue divided by fees extremely large. Zero fees leave the ratio undefined; the history contains fewer valid observations than the full daily date range.
