Following a record average fee of $128 on April 20, the day of the fourth Bitcoin halving, average fees on Bitcoin have significantly dropped.
As of April 21, medium-priority transactions on Bitcoin are experiencing average fees of $8-10, notably lower than the previous day’s peak.
On April 20, Bitcoin accumulated $78.3 million in total fees, surpassing Ethereum’s fees by over 24 times, as reported by Crypto Fees.
Block 840,000 witnessed a remarkable 37.7 Bitcoin ($2.4 million) paid to miner ViaBTC, marking it as one of the most lucrative blocks in Bitcoin’s history.
During block 840,000, enthusiasts of memecoins and nonfungible tokens competed to engrave rare satoshis via the Runes protocol, a new token standard launched during the halving block. This resulted in 3,050 transactions being included in the block, with an average user paying approximately under $800.
While high block fees persisted until about block 840,200, they have since decreased to around 1-2 Bitcoin per block.
Initially, miners were shielded from the impact of the block subsidy halving from 6.25 Bitcoin to 3.125 Bitcoin due to the significant block fee payouts. However, with the current average block fee well below 3.125 Bitcoin, miners are now feeling the effects.
Bitcoin has maintained higher fees than Ethereum for six consecutive days between April 15-20, with its 7-day fee average now at $17.8 million.
Despite the halving event, Bitcoin’s price has seen a modest increase of 1.5% since then, reaching $64,840, according to CoinGecko.
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