The average transaction fee on the Bitcoin network reached a historic high of $128 on the day of the fourth halving, but according to data from BitInfoCharts, the average transaction fee for Bitcoin sharply decreased to $34.8 just a day later.
Source: BitInfoCharts
Bitcoin reached block height 840,000 on April 20 at 8 am Taipei time, officially completing the fourth halving in history, reducing the mining reward per block from 6.25 BTC to 3.125 BTC. According to data from mempool.space, the block of the fourth halving was mined by ViaBTC, with a total fee of 37.626 BTC (approximately $2.4 million).
The record fees are attributed to “degen” participants competing to inscribe and etch rare satoshis on the halving block, with much of the activity stemming from the Runes Protocol created by Bitcoin Ordinals founder Casey Rodmarmor, which launched simultaneously with the Bitcoin halving.
Data from Crypto Fees shows that on April 20 alone, Bitcoin’s total transaction fees reached $78.3 million, over 24 times that of Ethereum. The fourth halving block contained 3050 transactions, meaning an average of nearly $800 was paid per user.
Source: Crypto Fees
mempool.space data shows that the higher-than-normal block fees persisted until around block height 840,200, after which they decreased to approximately 1 to 2 BTC. Additionally, from April 15 to 21, Bitcoin’s total transaction fees exceeded Ethereum’s for six consecutive days. As of April 21, Bitcoin’s 7-day average fee was $20.25 million.
Data source