In early 2024, the total transaction fees for Bitcoin soared. After the halving event in April, fees rose sharply and reached a historical high. On April 20th, the transaction fee reached a peak of 1,257.71 BTC, accounting for over 75% of the miner's income that day. Although fees have recently fallen to similar levels as mid-2023, there has been a recent upward trend. The increase in transaction fees indicates the feasibility of a shift in miner income structure, which is crucial for the sustainability of Bitcoin in the future. Once all Bitcoin is mined, it will inevitably require a transition in income structure.
Declining popularity of Ordinals and Runes leads to lower Bitcoin on-chain fees
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