Analysis of blockchain transactions identified as major contributors to fee increases

Bitcoin Halving Cuts Mining Reward to 3.125 BTC, Spurs Record $106.7M Fees

Apr 22, 2024, 03:00 PM

The Bitcoin network underwent its fourth halving on April 20, 2024, reducing the mining reward to 3.125 BTC per block and significantly impacting the mining landscape. This event led to a record-breaking increase in transaction fees, with Bitcoin miner revenue reaching $106.7 million, 75.444% of which came from network transaction fees. The fees collected by miners on this day alone tripled the previous all-time high, reaching over $78 million, largely due to the Runes minting activity. Despite these high fees, the average transaction fee on the Bitcoin network significantly dropped post-halving, stabilizing at lower levels compared to the peak on the halving day. Throughout this period, Bitcoin prices held steady, maintaining values over $65K.