Runes Transactions Yield $117 Million in Bitcoin Network Fees Since Halving

According to CryptoPotato, transactions involving Runes have generated a whopping $117 million in Bitcoin network fees since the recent halving, including $62.4 million collected on the halving day itself. Despite these high initial figures, Runes transaction fees plummeted to just $1.03 million by April 28. On the halving day, April 20, the implementation of the Runes protocol led to a substantial increase in mining fees, with Runes accounting for 57.7% of all Bitcoin network transactions, overshadowing standard financial transactions which made up 41.5%.

Runes continued to dominate network activity through the halving weekend, with a share of 51.6% on April 21. However, this figure fell to 42.5% by April 22, as financial transactions on Bitcoin rebounded to 56.5%. Since then, transaction fees have significantly decreased, with medium-priority transactions currently around $8.48, and high-priority transactions at approximately $9.32—a 75% drop from the immediate post-halving fees of $146 and $BTC #UTXO