Ethereum

Bitcoin

April

The average fees paid on Bitcoin have sharply fallen just a day after <a href="https://ycharts.com/indicators/bitcoin_average_transaction_fee" target="_blank" rel="noopener nofollow">reaching</a> a record average of $128 on April 20 — the day of the fourth Bitcoin halving. 
As of April 21, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;fees have fallen to an average of $8–$10 for medium-priority transactions, <a href="https://mempool.space/" target="_blank" rel="noopener nofollow">according</a> to mempool.space.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/f3186a97-46c8-4a57-86e5-4d62e4c93fa5.png" alt="" title="">
 <figcaption style="text-align: center;">
 Average daily transaction fee on Bitcoin over the last five years. Source: Y Charts
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</figure>
Only one day before, Bitcoin clocked $78.3 million in total fees, beating Ethereum by over 24 times,&nbsp;<a href="https://cryptofees.info/" target="_blank" rel="noopener nofollow">according</a> to Crypto Fees.
The day included a staggering 37.7 BTC ($2.4 million) <a href="https://cointelegraph.com/news/bitcoin-halving-users-spend-record-millions-block-space-runes-rare-satoshis">paid to Bitcoin miner ViaBTC</a> in the Bitcoin halving block at block height 840,000 — making it the most sought-after piece of digital real estate in the network’s 15-year history. 
Much of the demand at block 840,000 came from memecoin and nonfungible token enthusiasts competing to inscribe and etch rare satoshis via <a href="https://cointelegraph.com/news/runes-protocol-ignite-new-season-bitcoin-after-halving">the Runes protocol</a>,&nbsp;a new token standard that launched at the halving block.
3,050 transactions were included in that block, meaning the average user paid a little under $800.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/7dd35cdb-5aac-476c-bc5f-32e68114abb7.png" alt="" title="">
 <figcaption style="text-align: center;">
 Largest fees by blockchains and decentralized finance projects on April 20. Source: Crypto Fees
 </figcaption>
</figure>
The higher-than-normal block fees continued until about block 840,200, <a href="https://mempool.space/block/00000000000000000000bf58c0374c92ff1a585c469b4b9838a80dd084bafe0b?showDetails=false&amp;view=actual#overview" target="_blank" rel="noopener nofollow">according</a> to mempool.space; however, block fees have since fallen to around 1–2 BTC.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-halving-2024-how-to-keep-btc-mining-efficient-as-rewards-decrease">Bitcoin halving 2024: How to keep BTC mining efficient as rewards decrease</a>
The large block fee payouts to miners throughout on halving day meant they weren’t initially impacted by the block subsidy halving from 6.25 BTC to 3.125 BTC.
But that’s no longer the case now that the average block fee is well below 3.125.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/6019986c-94ce-4b76-9d48-e119ab8db8c6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Total fees for block 840,266 came out at 1.64 BTC. With the new block subsidy of 3.125, total rewards came out at 4.76 BTC. Source: mempool.space
 </figcaption>
</figure>
Meanwhile, fees on Bitcoin have now topped Ethereum for six consecutive days between April 15 and 20, with its seven-day fee average now at $17.8 million. 
The halving event didn’t have a material impact on Bitcoin’s price, which is up 1.5% since then to $64,840, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/get-bitcoin-or-die-tryin-why-hip-hop-stars-love-crypto/">Get Bitcoin or die tryin’: Why hip hop stars love crypto</a>

Bitcoin fees crash after record daily average of $128 on halving day

Cointelegraph

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