The surge in block fees on the halving day was more than making up for the halved block subsidy miners were hit with — but that’s not the case anymore.
The average fees paid on Bitcoin have sharply fallen just a day after reaching a record average of $128 on April 20 — the day of the fourth Bitcoin halving.
As of April 21, Bitcoin (BTC) fees have fallen to an average of $8-10 for medium-priority transactions, according to mempool.space.
Only one day before, Bitcoin clocked $78.3 million in total fees, beating Ethereum by over 24 times according to Crypto Fees.
The day included a staggering 37.7 Bitcoin ($2.4 million) paid to Bitcoin miner ViaBTC in the Bitcoin halving block at block height 840,000 — making it the most sought-after piece of digital real estate in the network’s 15-year history.
Much of the demand at block 840,000 came from memecoin and nonfungible token enthusiasts competing to inscribe and etch rare satoshis via the Runes protocol — a new token standard that launched at the halving block.
3050 transactions were included in that block, meaning the average user paid a little under $800.
The higher-than-normal block fees continued until about block 840,200, according to mempool.space, however, block fees have since fallen to around 1-2 Bitcoin.
The large block fee payouts to miners throughout on halving day meant they weren’t initially impacted by the block subsidy halving from 6.25 Bitcoin to 3.125 Bitcoin.
But that’s no longer the case now that the average block fee is well below 3.125.
Meanwhile, fees on Bitcoin have now topped Ethereum for six consecutive days between April 15-20, with its 7-day fee average now at $17.8 million.
The halving event didn't have a material impact on Bitcoin's price, which is up 1.5% since then to $64,840, according to CoinGecko.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Hotcoin Research | Fusaka Upgrade Approaching: Analysis and Outlook on Ethereum Long and Short Positions
This article will review Ethereum's recent performance, provide an in-depth analysis of the current bullish and bearish factors facing Ethereum, and look ahead to its prospects and trends for the end of this year, next year, and the medium to long term. The aim is to help ordinary investors clarify uncertainties, grasp trends, and provide some reference to support more rational decision-making during key turning points.
Crypto Market Surges as Bitcoin Rebounds and Privacy Coins Shine
In Brief Bitcoin rebounded over the weekend, testing the $86,000 mark. Privacy-focused altcoins Monero and Zcash showed notable gains. Total market value surged, crossing the $3 trillion threshold again.
Crypto Markets Rebound as Traders Signal Seller Fatigue
In Brief Crypto markets rebounded amid significant liquidations and oversold RSI signals. Weekend trading conditions with thin liquidity influenced rapid price shifts. The rebound's sustainability remains uncertain, prompting scrutinous investor attention.
Cardano : Network security questioned after a major incident
