Bitcoin Transaction Fees Drop After Halving

Bitcoin transaction fees dropped significantly after the halving

The floor price of the Runes NFT collection has also dropped. Runes were meant to be the tool that maintained fee income after the halving

Bitcoin {{BTC}} started the week stable, changing hands above $65,800 as transaction fees fell significantly after the halving.

On-chain data from Mempool.space shows that medium priority transactions now cost $8.48, while high priority transactions cost $9.32.

In the aftermath of the halving, these fees jumped to more than $146 for a medium priority transaction and $170 for a high priority transaction.

The hashprice index, a metric created by Luxor to quantify how much a miner can expect to earn from a specific amount of hashrate, also fell from $182.98 per hash/day to $81, a level lower than that of 'before the halving.

While Bitcoin miners anticipated that the halving would significantly reduce their revenue, the introduction of Casey Rodarmor's Runes protocol – designed to create fungible tokens on Bitcoin – which went live during the halving, was supposed to be the antidote to this, given the level of activity it represents. would create in chain.

Instead, in the first few days following the event, runestone NFT collection floor prices fell by almost 50% in the last 24 hours with a floor price of almost 0.037 BTC, according to Magic Eden, while ordinal collections like Bitcoin Pullets and NodeMonkes are up 11% and 8% respectively according to CoinGecko data.

It should be noted that these ordinal collections also generate considerable transaction fees