The average transaction fee on the Bitcoin network fell to $34.86 after reaching a record high of $128.45 on the halving day of April 20.
The increase in transaction fees began in anticipation of the block reward reduction. Experts linked the trend to user activity in anticipation of the launch of the Runes protocol, timed to coincide with the event.
Bitcoin developer and Ordinals creator Casey Rodarmore presented the solution in September 2023. The protocol allows for the issuance of fungible tokens on the blockchain of the first cryptocurrency. Unlike the BRC-20, it uses a model UTXOwhich prevents network clogging.
As noted by well-known Ordinals enthusiast Leonidas, on April 20, Runes topped the trends in X, gaining 2.14 million posts.
Runes are trending on X with 2.14M posts
Probably nothing pic.twitter.com/3TprE7QoWF
— Leonidas (@LeonidasNFT) April 20, 2024
At the time of writing, users have issued 6,882 tokens on the protocol, completing 974,293 transactions (Rune Alpha).
According to The Blockminers’ income from commissions on the day of halving reached $17.66 million (7DMA) – almost 25% of total revenue of $72.35 million.
Users paid $2.4 million in fees just for the inclusion of 3,050 transactions in block #840,000, where the reward was reduced from 6.25 BTC to 3.125 BTC.
According to mempool.space, from around block #840 200, the commission size returned closer to the usual average values. Over the past 24 hours, the figure has decreased by almost 73%.
Earlier, Fineqia International analyst Matteo Greco expressed the opinion that halving will lead to a demand shock and strengthen the mining sector.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
