Bitcoin Fees Plummet after Halving Day’s Record Average of $128
Bitcoin fees on April 20 reached a record average of $128, but just a day later, they sharply fell to an average of $8-10 for medium-priority transactions. This decrease in fees came after Bitcoin clocked $78.3 million in total fees, surpassing Ethereum by over 24 times. The day also saw a significant transaction of 37.7 Bitcoin ($2.4 million) paid to Bitcoin miner ViaBTC in the Bitcoin halving block. This block, which marked the launch of the Runes protocol, attracted many memecoin and nonfungible token enthusiasts aiming to etch rare satoshis.
In total, 3050 transactions were included in the halving block, meaning the average user paid a little under $800. The higher-than-normal block fees remained consistent until block 840,200, after which they fell to around 1-2 Bitcoin. Initially, miners were not impacted by the block subsidy halving from 6.25 Bitcoin to 3.125 Bitcoin due to the large block fee payouts on halving day. With the average block fee now below 3.125, miners are now affected by the halving.
Notably, Bitcoin has surpassed Ethereum in terms of fees for six consecutive days between April 15 and 20, with a 7-day fee average of $17.8 million. Despite the halving event, Bitcoin’s price has seen a 1.5% increase since then, reaching $64,840 according to CoinGecko.
9 thoughts on “Bitcoin Fees Plummet after Halving Day’s Record Average of $128”
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This Runes protocol and the frenzy around it is just another example of the crypto bubble. People are wasting their money on worthless memecoins and NFTs.
The fact that Bitcoin’s fees were over 24 times higher than Ethereum’s is truly mind-blowing. Bitcoin is the king!
I’m glad to see that Bitcoin’s fees are becoming more affordable for average users. It makes using Bitcoin for transactions much more accessible.
The sharp decrease in fees is just temporary, mark my words. We all know it’s going to skyrocket again soon.
Don’t get caught up in the hype of rare satoshis and memecoins. It’s just a distraction from the underlying issues of high fees and volatility.
The surge in Bitcoin’s total fees just shows how much trust and value people place in this cryptocurrency. It’s truly remarkable.
The Bitcoin halving block and the launch of the Runes protocol brought so much excitement to the crypto community! 🥳🎉
It’s interesting to see the impact of the Bitcoin halving on fees and miners. 🔄⚙️
I’m surprised that the average user paid under $800 for the halving block transactions. That’s not as high as I thought it would be.