BTC Fees Fall After Reaching All-Time High on Halving Day
Key Takeaways
- Bitcoin transaction fees fell from a record high of $128 to $8 to $10 shortly after the April 20 halving event.
- The 840,000th block mined by ViaBTC recorded 3,050 transactions with an average fee of nearly $800 per transaction.
- Bitcoin price has remained stable despite high network activity.
transaction fee bitcoin Sharp decline after halving on April 20th It fell from an all-time high of $128 to $8 to $10 the next day.
This means: Bitcoin’s block reward reduction from 6.25 to 3.125 did not immediately affect miners.
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
charge It soared at the 840,000th block, Bitcoin mined by ViaBTC recorded 3,050 transactions worth an average of about $800, generating a total of 37.7 bitcoins (about $2.4 million).
this block It received a lot of attention due to the intense interest surrounding the launch of Rune Protocol. This spurred the creation of memecoins and non-fungible tokens (NFTs).
Although fees remained high until around block 840,200, soon It has stabilized in the lower range of 1-2 bitcoins per block.
During the week leading up to the half-life, Bitcoin’s network fees were higher than Ethereum, Fee revenue totaled $17.8 million, jumping to $78.3 million at the halving. This is more than 24 times more than Ethereum’s total fees.
Despite high stakes and significant network activity on the halving day, The overall market price of Bitcoin was relatively unaffected. At the time of writing, the price is up 1.72% to $65,820.
The normalization of transaction fees after the halving emphasizes the network’s ability to adapt, balancing miners’ benefits and user costs.
Prior to the halving, major Bitcoin mining companies saw their stock values decline due to investor concerns about profitability.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst with an interest in data-driven and fact-based content, as well as content targeting both Web3 native users and industry newcomers.
Aaron is our go-to guy for all things digital currency. With a huge passion for blockchain and Web3 education, Aaron is working to transform the space as we know it and make it more accessible to complete beginners.
Aaron has been quoted in several popular media outlets and is a published author himself. In his spare time, he enjoys researching market trends and looking for the next supernova.
