Bitcoin Transaction Fees Drop: After reaching a record high of $128 on April 20, the average transaction fees for Bitcoin dropped significantly, with medium-priority transactions costing $8–10 on April 21. This reduction is welcomed by Bitcoin users who were previously burdened by high fees.
Record-Breaking Fees During Halving: The fourth Bitcoin halving occurred on April 20, coinciding with a surge in transaction fees. Block height 840,000 saw a historic event, with miner ViaBTC receiving a fee of 37.7 BTC ($2.4 million), breaking all previous records. This demonstrates the high activity and demand generated by the halving.
Bitcoin vs. Ethereum: Bitcoin accrued fees of $78.3 million during the halving, more than 24 times Ethereum’s fees. This highlights Bitcoin’s dominance in transaction volume and costs compared to other cryptocurrencies.
Sustained High Fees and Decline: While higher-than-usual block fees persisted until about block 840,200, they subsequently decreased to about 1-2 BTC. This decline suggests that transaction costs will become more manageable for Bitcoin users.
Effect on Bitcoin’s Price: Despite the halving event, Bitcoin’s price was not significantly affected, increasing by only 1.5% to $64,840. This stability indicates that the market has factored in the halving’s effects and is adjusting accordingly.
