{"id":12786,"date":"2024-04-22T11:08:11","date_gmt":"2024-04-22T08:08:11","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-transaction-fees-hit-record-high-on-halving-day\/"},"modified":"2024-04-22T11:08:11","modified_gmt":"2024-04-22T08:08:11","slug":"bitcoin-transaction-fees-hit-record-high-on-halving-day","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-transaction-fees-hit-record-high-on-halving-day\/","title":{"rendered":"Bitcoin Transaction Fees Hit Record High on Halving Day"},"content":{"rendered":"<p>The average transaction fee in the Bitcoin network fell to $34.86 after reaching a record high of $128.45 on the day of the halving, April 20.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Bitcoin-Average-Transaction-Fee-Daily-Insights-Bitcoin-Statistics-YCharts-Google-Chrome.webp\" alt=\"Bitcoin-Average-Transaction-Fee-Daily-Insights-Bitcoin-Statistics-YCharts-Google-Chrome\" class=\"wp-image-231099\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/ycharts.com\/indicators\/bitcoin_average_transaction_fee\">YCharts<\/a>.<\/figcaption><\/figure>\n<p>The rise in transaction fees began ahead of the block reward reduction. Experts attributed the trend to user activity in anticipation of the launch of the Runes protocol, timed to coincide with the event.<\/p>\n<p>Bitcoin developer and Ordinals creator Casey Rodarmor introduced the solution in September 2023. The protocol allows for the issuance of fungible tokens on the blockchain of the first cryptocurrency. Unlike BRC-20, it uses the <span data-descr=\"unspent transaction outputs\" class=\"old_tooltip\">UTXO<\/span> model, preventing network congestion.<\/p>\n<p>As noted by well-known Ordinals enthusiast Leonidas, on April 20, Runes topped the trends on X, garnering 2.14 million posts.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Runes are trending on X with 2.14M posts<\/p>\n<p>Probably nothing <a href=\"https:\/\/t.co\/3TprE7QoWF\">pic.twitter.com\/3TprE7QoWF<\/a><\/p>\n<p>\u2014 Leonidas (@LeonidasNFT) <a href=\"https:\/\/twitter.com\/LeonidasNFT\/status\/1781591052123587045?ref_src=twsrc%5Etfw\">April 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time of writing, users had issued 6882 tokens on the protocol, conducting 974,293 transactions (<a href=\"https:\/\/runealpha.xyz\/\">Rune Alpha<\/a>).<\/p>\n<p>According to <a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/bitcoin\">The Block<\/a>, miners&#8217; revenue from fees on the day of the halving reached $17.66 million (<span data-descr=\"smoothed by a seven-day moving average\" class=\"old_tooltip\">7DMA<\/span>)\u2014almost 25% of the total revenue of $72.35 million.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Bitcoin-On-Chain-Data-and-Charts-for-Transactions-Addresses-and-Miners-Google-Chrome-1.webp\" alt=\"Bitcoin-On-Chain-Data-and-Charts-for-Transactions-Addresses-and-Miners-Google-Chrome-1\" class=\"wp-image-231100\"\/><figcaption class=\"wp-element-caption\">Source: The Block.<\/figcaption><\/figure>\n<p>For the inclusion of 3050 transactions in block #840,000, where the reward was reduced from 6.25 BTC to 3.125 BTC, users paid fees amounting to $2.4 million.<\/p>\n<p>According to <a href=\"https:\/\/mempool.space\/block\/000000000000000000000e869028956d1e302f78cdd9071aaf3d363c3426ea91\">mempool.space<\/a>, from around block #840,200, fee sizes returned closer to typical average values. Over the past day, the figure decreased by nearly 73%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"454\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Block-Fee-Rates-mempool-Bitcoin-Explorer-Google-Chrome-1024x454.jpg\" alt=\"Block-Fee-Rates-mempool-Bitcoin-Explorer-Google-Chrome\" class=\"wp-image-231101\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Block-Fee-Rates-mempool-Bitcoin-Explorer-Google-Chrome-1024x454.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Block-Fee-Rates-mempool-Bitcoin-Explorer-Google-Chrome-300x133.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Block-Fee-Rates-mempool-Bitcoin-Explorer-Google-Chrome-768x341.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Block-Fee-Rates-mempool-Bitcoin-Explorer-Google-Chrome-1536x681.jpg 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Block-Fee-Rates-mempool-Bitcoin-Explorer-Google-Chrome.jpg 1583w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: mempool.space.<\/figcaption><\/figure>\n<p>Earlier, Fineqia International analyst Matteo Greco expressed the opinion that the halving would lead to a demand shock and strengthen the mining sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average transaction fee in the Bitcoin network fell to $34.86 after reaching a record high of $128.45 on the day of the halving, April 20. Source: YCharts. The rise in transaction fees began ahead of the block reward reduction. Experts attributed the trend to user activity in anticipation of the launch of the Runes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1178,160],"class_list":["post-12786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-blockchain-fees","tag-halving"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12786"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12785"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}