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News

Bitcoin Halving Block Hits High Fees of $2.4 Million

April 20, 2024 - Around 2 mins mins to read

Key Points:

  • Bitcoin halving block 840,000 sees a surge in rune minting, boosting block revenue to 21.74 BTC.
  • Users spend 37.67 BTC ($2.4 million) in fees on block 840,000, making it Bitcoin’s most valuable digital real estate.
  • Anticipation for the Runes protocol drives increased Ordinal inscriptions, setting record fees on Bitcoin and hinting at a new era in token creation.
Following the completion of Bitcoin halving block 840,000, a surge in rune minting has catapulted the average revenue per block to 21.74 BTC over 15 subsequent blocks.
Bitcoin Halving Block Hits High Fees of $2.4 Million

Bitcoin Halving Block Fee Surges in Rune Minting Elevates Revenue

OKLink reports that within this span, the average transaction fee reward per block soared to an impressive 18.62 BTC.

Bitcoin halving block was a digital hotspot, witnessing a remarkable 37.67 BTC, equivalent to $2.4 million, spent on fees, making it Bitcoin’s most coveted real estate in history. Data from Bitcoin block explorer mempool.space reveals that Bitcoin miner ViaBTC pocketed a staggering 40.7 BTC, valued at $2.6 million, including both the miner subsidy and fees.

Bitcoin Halving Block Hits High Fees of $2.4 Million

Bitcoin fees have also eclipsed those on Ethereum for four consecutive days. This surge in fees is attributed to heightened anticipation surrounding the Runes protocol and Bitcoin halving.

Read more: What is Bitcoin Halving? Why is this event of interest?

Runes Protocol Anticipation Sparks Record Fees and Token Creation Frenzy

The excitement around Runes has led to a surge in Ordinal inscriptions over the past fortnight. Runes, a novel protocol, promises a more efficient method for creating fungible tokens on the Bitcoin network compared to the existing BRC-20 token standard.

Much of the frenzy surrounding Rune minting emanates from Bitcoin Ordinals creator Casey Rodmarmor’s recent launch of the Runes Protocol, coinciding with the halving.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.