The portion of Bitcoin miners' revenue that comes from transaction fees has decreased significantly after a sharp increase on the day of the most recent halving event.

A report by CryptoQuant reveals that transaction fees now account for 35% of total miner revenue, down significantly from the 75% recorded on April 19.

Transaction fees skyrocket during Halving

The fourth Bitcoin halving, which took place last Friday, cut miners' block rewards in half to 3,125 BTC, resulting in daily issuance falling from an average of 900 BTC to 450 BTC.

On the day of the halving, miners' daily revenue skyrocketed to $100 million, driven by a spike in transaction fees. Daily fees on the Bitcoin network increased to 1,258 BTC ($80 million), a level never seen before, accounting for 75% of total revenue that day.

A major driver of high transaction fees is the Runes protocol, which boosted network activity after it was launched on the block halving. Runes enables the issuance and transfer of NFTs through storing data in the OP RETURN code. Runes usage on halving day hit a record high of 512,000 as users flocked to the Runes protocol.

Fees are significantly reduced

In less than 24 hours after the halving, transaction fees returned to lower levels and remained there. Fees now account for 35% of miners' total revenue, while fees currently hover around $50 million, down 35% from the pre-halving record high of around $78 million.

According to YCharts data, Bitcoin transaction fees dropped from $80 million on April 20 to $6 million. Over the past week, they have hovered around an average of $16 million, with the lowest figure seen on April 26.

Source: YCharts

Higher transaction fees and rising BTC prices will help miners stay afloat as their block rewards have been cut in half. With fees plummeting on the day and BTC struggling to surpass $64,000, some miners may soon be forced out of the game.

However, CryptoQuant said it is too early to see any long-term impact of the halving on the network's hash rate as miners appear to be running their operations at similar speeds before the halving. . The Bitcoin network hash rate is 617 EH/s, while its hash price is currently at 0.07 USD per TH/s, the lowest since October.

Source: https://tapchibitcoin.io/doanh-thu-cua-tho-dao-bitcoin-jam-manh-tu-80-million-usd-xuong-chi-con-6-million-usd-tu-sau- halving.html