Odaily Planet Daily News In early 2024, Bitcoin's total transaction fees soared. After the April halving event, transaction fees rose sharply, once hitting an all-time high. Among them, transaction fees peaked at 1257.71 BTC on April 20, accounting for more than 75% of miners' income on that day. Since then, fees have declined as the popularity of Ordinals and Runes has declined. High transaction fees have had various effects on the Bitcoin ecosystem. For example, rising fees have made Bitcoin transactions more expensive, which in turn caused the number of active addresses on the network to drop to a three-year low. Nevertheless, the increase in transaction fees demonstrates the feasibility of Bitcoin's sustainability's reliance on fees in the future, which may lead to a shift in miners' income structure. Once all Bitcoins are mined, a transformation of the income structure will inevitably be required. Although fees have recently fallen back to levels similar to mid-2023, there has been a small increase recently, and if inscriptions become popular again, fees may rise again. It will be critical to observe how these fee data affect Bitcoin's availability and miners' profitability over time. The long-term impact of these changes may play an important role in shaping the future of Bitcoin transactions and network participation. Note: Total transaction fees are the total amount of fees paid to miners, and issued (minted) Bitcoin tokens are not included. (Cryptoslate)
