Bitcoin Halving and Runes Launch Spike Fees; Miner Revenue Hits $100M, BTC Steady Over $65K

Apr 22, 2024, 03:20 PM

The Bitcoin network recently underwent its fourth halving event, significantly impacting transaction fees and miner revenues. On April 20, the halving reduced the block reward from 6.25 to 3.125 BTC, aiming to control Bitcoin's supply growth. This event coincided with the launch of the Bitcoin Runes protocol, which led to a record spike in transaction fees. Fees soared to an all-time high of $128 per transaction on halving day but have since stabilized below $10, with an average fee falling to $34.86. The high demand for block space due to Runes also resulted in Bitcoin miners earning over $100 million on April 20 alone, with transaction fees contributing approximately $80 million. This marked a substantial increase compared to the previous year, where total miner revenue from fees was significantly lower. Amid these changes, Bitcoin's price held steady over $65K.