In the frenzied race to be part of Bitcoin’s historic 840,000th block, more than 3,000 investors paid a total of 37.7 BTC, equivalent to $2.4 million in fees. This milestone, occurring amidst the fourth halving event, highlights the enthusiasm for the cryptocurrency’s story and development.
The rewards of this frenzy were earned on April 20th, surpassing a total gain of over a hundred million dollars. On the day of the halving, miners obtained a historic figure of $107.7 million. This figure wasn’t just from mining rewards but also from transaction fees as investors vied to be part of the historic block.
Investors Chase History, Spending $2.4 Million in Bitcoin Fees
The frenzy, totaling nearly $2.4 million with approximately 3,050 transactions taking up very little space in the block and an average fee close to $800 per user, was clearly evident. This fee surge was largely attributed to the launch of Casey Rodarmor’s Runes protocol and the frenetic activity initiated by the halving period in Bitcoin Ordinals, which saw a rapidly growing activity.
Record Revenue and Falling Fees: The Post-Halving Bitcoin Landscape
This revenue surge surpassed the previous record of $78.7 million set on March 11th when Bitcoin traded at $71,415. However, as payments to miners for verifying transactions are made in BTC, the increase in revenue is closely tied to Bitcoin’s market behavior.
The characteristic event of Bitcoin’s design, the halving event, increased competition among miners by reducing mining rewards to 3.125 BTC per block until the next halving event, which slightly reduces rewards.
However, the post-halving period created a cold shower effect. The excitement generated by the event quickly subsided, manifesting in a rapid drop in average transaction fees. After hitting a record of $128 on April 20th, fees dropped to the normal range of $8 to $10 for medium-priority transactions the next day.
