Bitcoin fees sink after a record $128 daily average on halving day

Within twenty-four hours of the fourth Bitcoin halving on April 20, the average fees paid on the platform witnessed a substantial drop.

According to mempool.space, as of April 21, Bitcoin rates for medium-priority transactions have dropped to an average of $8–$10.

According to Crypto Fees, Bitcoin surpassed Ethereum by more than 24 times, with a total fee of $78.3 million just one day prior.

In the Bitcoin halving block at block height 840,000, miner ViaBTC got an incredible 37.7 BTC ($2.4 million) over the day, making it the most popular digital property in the network’s 15-year record.

Some of the demand at 840,000 blocks came from memecoin and NFT advocates competing to be the first to inscribe and etch rare satoshis utilizing the revolutionary Runes protocol, which debuted at the halving block.

With 3,050 transactions in that block, the average user spent approximately $800.

According to Mempool.space, the standard deviation of block fees was around 1-2 BTC after they had dropped to around 840,200 blocks.

The miners who were granted substantial block fee distributions on the day of halving were not at first impacted by the decrease in the block subsidy from 6.25 BTC to 3.125 BTC. Since the average block charge is now considerably less than 3.125, this is no longer a significant concern.

Over the past seven days, on average $17.8 million, Bitcoin transaction costs have surpassed Ethereum fees for six days in a row, beginning on April 15th and continuing until April 20th.

CoinGecko reports that since the halving event, the price of Bitcoin has increased 1.5% to $64,840, indicating that it had no discernible effect.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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