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Bitcoin transaction fees dropped sharply from a record high daily average of $128 on the day of the halving.
Just one day after Bitcoin's transaction fees hit a record average of $128 on April 20—the date of the fourth Bitcoin halving—the average fees have significantly decreased. By April 21, fees for medium-priority Bitcoin transactions dropped to between $8 and $10
Previously, on April 20, Bitcoin generated a total of $78.3 million in fees, surpassing Ethereum's fee generation by more than 24 times!
This surge was highlighted by the payment of 37.7 Bitcoin ($2.4 million) to the miner ViaBTC for the Bitcoin halving block at block height 840,000.
This block has become the most coveted piece of digital property in the network’s 15-year history due to intense demand driven largely by memecoin and nonfungible token (NFT) aficionados.
These enthusiasts were keen to utilize the new Runes protocol—a token standard launched concurrently with the halving—to inscribe and secure rare satoshis. The block contained 3050 transactions, with each user paying just under $800 on average.
However, after peaking around block 840,200, according to mempool.space, the fees have since moderated to about 1-2 Bitcoin per block.
