Financial commentator Peter Schiff has once again slammed Bitcoin on social media, calling it a "failed currency," according to U.Today, noting that the cost of a single Bitcoin transaction has soared to a staggering $128, making it impossible for Bitcoin to function as a viable digital currency.

“The cost of actually using Bitcoin as money is too high for almost all transactions,” Schiff said. “It’s a failure.”

Bitcoin reportedly generated a whopping $78.3 million in transaction fees on April 20, far surpassing Ethereum. Miners managed to generate a record revenue of more than $100 million after the halving event. The sharp rise in fees is due to the launch of the Runes protocol, which allows the creation of fungible tokens on top of Bitcoin. However, it is unclear whether the hype around Runes can continue.

According to data provided by YCharts, the average Bitcoin transaction fee fell to $34 on April 21. Although this is still high, miners may not be able to enjoy such profits for long after the halving event.