The declining miner revenues are driven by a reduced hashrate. Over the last seven days, we saw an average block discovery rate of 5.7 blocks per hour, well below last week’s 6.18 blocks per hour. The hashrate decline led to bitcoin’s second consecutive downward difficulty adjustment last Thursday. Since the block discovery rate has normalized. However, we note that Saturday saw the very unlikely event of six discovered blocks in a 6.5-minute timespan!Growing transaction fees contribute to offsetting some of the miner revenue effects from the reduced block discovery rate, as transaction fees see a sharp 44% growth over the last seven days.