On Sunday, the average transaction fee for Bitcoin experienced a decline, retracting from its peak the day before, which coincided with the network's fourth halving event. Data from YCharts reveals that the average fee per Bitcoin transaction decreased to $34.8 on April 21.
Bitcoin Average Transaction Fee | Source: YCharts
This marked a notable reduction from the record high of $128.45 observed on the halving day. The average transaction fee signifies the average amount paid in U.S. dollars for processing a Bitcoin transaction by a miner.
Bitcoin Transaction Fee: Spike on April 20, Decline on April 21
Data indicates that on April 20, the total transaction fees for Bitcoin reached $81 million, a substantial increase from the $7.7 million recorded the previous day.
Source: The Block Data
However, on April 21, the network saw a decrease in total fees, amounting to $22.37 million. This surge in fees corresponded with the introduction of Casey Rodarmor’s Runes protocol, a novel token standard akin to BRC-20s.
The implementation of this protocol prompted a rise in transaction fees as users rushed to create memecoins based on runes.
Furthermore, on April 20, the block following the halving was attributed to the ViaBTC mining pool. This block garnered a base reward of 3.13 BTC (equivalent to $199,579) along with an additional 37.6256 BTC ($2,399,135) reward from the fees of the 3,050 transactions included in the block, as per Blockchain.com’s tracker.
Read more: Bitcoin Halving: 10x Research Analyst Debunks Bullish Expectations
Concurrently, Bitcoin observed a modest 0.9% uptick, trading at approximately $65,700 at the time of reporting, according to The Block’s price page.
See more: Cryptocurrency Prices and Market Cap
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