Bitcoin

Impact

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s average transaction fee decreased after hitting a record high, following the network’s fourth halving.</li>
 <li>The increase in transaction fees coincided with the launch of the Runes protocol and the creation of rune-based memecoins.</li>
</ul>
<h2 id="bitcoin-transaction-fees-drop-after-record-high">Bitcoin Transaction Fees Drop After Record High</h2>
<p>The average transaction fee on <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> experienced a decrease on April 21, after reaching an all-time high the previous day. This event occurred in the wake of the network’s fourth halving.</p>
<p>The average fee per Bitcoin transaction fell to $34.8, following a record peak of $128.45 on the day of the halving, as per YCharts data. This fee represents the average cost in U.S. dollars for a Bitcoin transaction to be processed by a miner.</p>
<h2 id="the-impact-of-runes-protocol-launch">The Impact of Runes Protocol Launch</h2>
<p>On April 20, Bitcoin’s total transaction fees rose to $81 million, a significant increase from $7.7 million the previous day. The network recorded $22.37 million in total fees on April 21.</p>
<p>These rising fees coincided with the introduction of the Runes protocol by Casey Rodarmor. This new token standard, akin to BRC-20s, led to an increase in transaction fees as individuals rushed to generate rune-based memecoins.</p>
<p>On the same day, the halving block seemed to originate from the ViaBTC mining pool. The pool received a basic reward of 3.13 BTC ($199,579) and an additional 37.6256 BTC ($2,399,135) paid as transaction fees for the 3,050 transactions included in the block, as per data from Blockchain.com.</p>
<p>At the time of reporting, Bitcoin had risen by 0.9% and was trading at approximately $65,700.</p>

Bitcoin’s Transaction Fees Decrease from Peak after Runes Integration Rollout

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