Before the fourth Bitcoin Halving, transaction fees exploded and peaked at an average of $128. A new record high in BTC history.
The halving block contained a whopping 37,626 BTC in fees. That’s around $2.6 million, as data from Mempool shows. Due to the high fees, Bitcoin miners were initially hardly affected by the reduction in the block subsidy from 6.25 BTC to 3.125 BTC.
Currently, BTC fees are still at a high level. This is partly due to the newly launched Runes Protocol. So buying coffee via the main network could be expensive.
We have presented a cost-effective alternative in the new Bitcoin Report.
After Halving: Miner income increases significantly
Bitcoin miners are likely to have been happy about the increased fees. Even before the halving, the industry collected more from fees than was paid out to ETH stakers.
Miners earn around $70 million per day. Revenue from transaction fees has increased enormously since the Runes hype. According to the hashrate index, transaction fees now represent over 50 percent of the total block rewards.
If the fees remain high, this could provide relief for miners – at least partially. The long-term effects of the halving remain to be seen.
In addition to fees and miner revenue, the halving also has a major impact on many other areas in the BTC ecosystem. These include the hash rate, the price dynamics and the Runes protocol. You can read about what effects can now be expected in the new one Bitcoin Report.
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