Crypto News – Just one day after hitting a record high of $128 on April 20, the day of the fourth Bitcoin halving, the average fees paid on the cryptocurrency have dropped precipitously.
Bitcoin Fees Plummet: Record-breaking $128 Fees Crash at Halving Time
According to mempool.space, as of April 21, Bitcoin fees for medium-priority transactions have decreased to an average of $8–$10.
According to Crypto Fees, Bitcoin topped Ethereum by more than 24 times, totaling $78.3 million in fees just one day earlier. The most sought-after piece of digital real estate in the network’s 15-year history was paid to Bitcoin miner ViaBTC on the day in the Bitcoin halving block at block height 840,000, totaling an astounding 37.7 BTC ($2.4 million). The average user made a payment of a little under $800 out of the 3,050 transactions in that block.
Declining Block Fees Start to Affect Miners
According to mempool.space, the higher-than-normal block fees persisted until roughly block 840,200; after that, they dropped to roughly 1-2 BTC. From April 15 to April 20, fees on Bitcoin exceeded those on Ethereum six times in a row, with an average fee of $17.8 million during the seven-day period.
The miners who received significant block fee distributions on the halving day were not initially affected by the reduction of the block subsidy from 6.25 BTC to 3.125 BTC. But now, since the average block charge is far less than 3.125, that is no longer the case.
Leave a comment