How Do Transaction Fees Become a More Critical Factor for Miner Revenue after a Halving?

As the block reward (newly minted coins) is halved, transaction fees collected within a block become a much larger percentage of the miner's total revenue. In the long term, as the block reward trends towards zero, transaction fees must eventually become the dominant source of revenue to incentivize miners to secure the network.

This shift makes the fee market and network congestion more crucial for miner profitability.