On April 21, the daily average Bitcoin transaction fees saw a significant drop following their peak of $128 the previous day during the fourth Bitcoin halving event.
According to mempool.space, the average fee for sending medium-priority Bitcoin (BTC) transactions was around $8 to $10 as of April 21st.
The day prior, Bitcoin processed a total of $78.3 million in fees, which was more than 24 times the amount Ethereum handled, based on data from Crypto Fees.
At block height 840,000 during the Bitcoin halving event, ViaBtc received an astonishing payment of 37.7 Bitcoins, equivalent to approximately $2.4 million, making it the most valuable mining reward in the network’s 15-year tenure.
At block 840,000, there was significant interest, largely driven by fans of memecoins and non-fungible tokens. They were eager to use the Runes protocol, a recently introduced token standard during the Bitcoin halving event, to inscribe and engrave rare Satoshis on it.
3050 transactions were included in that block, meaning the average user paid a little under $800.
From approximately block 840,200 onwards, mempool.space reports unusually high transaction fees. However, more recently, the fees for blocks have dropped down to roughly 1-2 Bitcoin.
On the day of the Bitcoin halving, when the block reward for miners was reduced from 6.25 to 3.125 Bitcoins per block, they were shielded from the impact due to the substantial payment they received in fees for each large block they mined.
But that’s no longer the case now that the average block fee is well below 3.125.
During the past week from April 15 to April 20, the transaction fees for Bitcoin have been higher than those of Ethereum for a total of six days in a row. The current average fee for Bitcoin over the last seven days is an impressive $17.8 million.
Bitcoin’s price remained unfazed by the halving event and has since risen by 1.5%, reaching $64,840 as of current data from CoinGecko.
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2024-04-22 04:22