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Upon reaching block height 840,000, when the mining pool Viabtc collected 37.626 bitcoin in fees worth $2.39 million, the expense for onchain transfers climbed, surpassing $240 per transaction. Block 840,003 recorded 16.06 bitcoins in fee payments, and block 840,004 accumulated 24 bitcoins in fees valued at over $1.5 million.
Bitcoin Transaction Fees Skyrocket Above $240 Following Halving
Bitcoin fees soared to more than 2,750 satoshis per virtual byte (sat/vB) or over $240 per transfer on Friday, April 19, 2024, in the aftermath of the halving. Currently, fees have decreased to 1,700 sat/vB or more than $150 per transfer on the low-priority end. Metrics indicate a strong level of Rune protocol activity on the web portal mempool.space.
As of 8:39 p.m. Eastern Time, there are 234,162 unconfirmed transactions awaiting confirmation, equivalent to about 241 blocks or more than 450 megabytes of data. High-priority fees stand at $245-$203 per transfer, while low-priority fees are roughly $159 per transaction.
Within just a few blocks, miners have collected more in fees than they typically do in 24 hours. Fortunate miners include Viabtc, Foundry, Braiins Pool, and Antpool, which has found two blocks. Since the fourth halving, the fee rate has now surpassed the previous peak of $62 per transfer seen back in April 2021.
The recent increase in bitcoin transaction fees, which surpassed previous highs, highlights the fluctuating economic environment of the network following significant events. When Antpool discovered block 840,005, the mining pool captured 29.821 BTC worth $1.9 million.
Mining pools stand to amass millions in mere hours if this trend continues unabated. For example, block 840,006 contained 23.156 BTC, and block 840,007 held 17.68 BTC in fees.
What do you think about onchain fees skyrocketing following the halving? Share your thoughts and opinions about this subject in the comments section below.