In the long term, the level of transaction fees will have massive implications for Bitcoin's security and energy consumption. This article estimates Bitcoin's energy consumption in 2040, explaining how vital the fees will become.Why are transaction fees so low currently? First of all, we see a 10% decline in the daily transaction volume, which is now sitting at $3.3 billion, a very low level historically. This is caused by an 11% decline in the average transaction value.Secondly, the block production rate has been at 6.18 blocks per hour, slightly higher than the target of 6. The higher number of blocks has increased the block space supply, at the same time as we see depleted block size demand. These supply and demand dynamics have led transaction fees to plummet.