diff --git a/nym-validator-rewarder/src/rewarder/mod.rs b/nym-validator-rewarder/src/rewarder/mod.rs
index a5e8c9353d..50736c9020 100644
--- a/nym-validator-rewarder/src/rewarder/mod.rs
+++ b/nym-validator-rewarder/src/rewarder/mod.rs
@@ -126,7 +126,9 @@ impl Rewarder {
             None
         };
 
-        if config.issuance_monitor.enabled || config.block_signing.enabled {
+        if config.issuance_monitor.enabled
+            || (config.block_signing.enabled && !config.block_signing.monitor_only)
+        {
             let balance = nyxd_client
                 .balance(&config.rewarding.epoch_budget.denom)
                 .await?;