Average transaction fees on Bitcoin fell on Sunday after hitting a record high the day before, following the network’s decline. fourth half.
The average fee paid on Bitcoin per transaction fell to $34.8 on April 21, after seeing a record high of $128.45 on the day of the halving, according to YCharts. data. Average transaction fees measure the average fee in US dollars when a Bitcoin transaction is processed by a miner.
On April 20, total bitcoin transaction fees were $81 million, up from $7.7 million the day before, according to the report. data watch. The network recorded $22.37 million in total fees on April 21.
The fee hike coincided with the launch of Casey Rodarmor’s Runes Protocol, a new token standard similar to BRC-20s. This led to an increase in transaction fees as individuals rushed to create rune-based memecoins.
Also on April 20, the half block appeared to come from the ViaBTC mining poolwhich got a base reward of 3.13 BTC ($199,579) and an additional reward of 37.6256 BTC ($2,399,135) paid as fees from the 3,050 transactions included in the block, according to Blockchain.com . tracker.
Bitcoin edged up 0.9% to trade at around $65,700 at press time, according to The Block prices page.
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