Bitcoin Transaction Fees Experience Significant Drop Post-Halving 📉
After reaching an all-time high average of $128 on April 20, Bitcoin transaction fees saw a significant drop just one day later, coinciding with the fourth Bitcoin halving. As of April 21, medium-priority transaction fees on the Bitcoin network fell to a range of $8-10, providing relief to users. This drop in fees came after a surge the previous day, where Bitcoin recorded $78.3 million in fees, surpassing Ethereum by over 24 times. This change in transaction fees has implications for miners and users alike.
Bitcoin Halving Block Includes Record Fee Paid to Miners 💰
- The Bitcoin halving block at height 840,000 included a record fee of 37.7 Bitcoin (equivalent to $2.4 million) paid to Bitcoin miner ViaBTC, marking a significant milestone in the network’s history.
- Enthusiasts of memecoins and non-fungible tokens (NFTs) drove demand for block 840,000, with 3,050 transactions included, resulting in an average fee of under $800 per user.
- Following the halving, fees per block fell to around 1-2 Bitcoin, impacting miners as they adjust to the reduced block subsidy from 6.25 Bitcoin to 3.125 Bitcoin.
Bitcoin Surges After Halving 🚀
- While Bitcoin did not initially react to the halving event, the leading cryptocurrency has since seen gains, trading at $66,266 and up by almost 2% over the past day.
- Analysts, including Bitwise, remain bullish on Bitcoin’s long-term performance post-halving, citing historical price patterns that show significant gains in the year following the event.
- Crypto.com CEO Kris Marszalek also maintains a positive outlook on Bitcoin’s future, anticipating selling pressure in the short term but bullish sentiment in the long term.
Hot Take: Bitcoin Fees and Price Post-Halving 📈
The significant drop in Bitcoin transaction fees post-halving provides relief to users, while miners adjust to reduced block rewards. The surging price of Bitcoin following the event indicates positive sentiment in the market, with analysts expecting long-term gains. Despite short-term selling pressure, the overall outlook for Bitcoin remains bullish in the wake of the fourth halving.
Sources:
1. [Mempool.Space](https://mempool.space/)
By
By
By
By