Bitcoin Transaction Fees Come Crashing Down Post Halving

According to data obtained from Mempool.space, the fee for medium-priority Bitcoin transactions is currently at $8.48, whereas high-priority transactions require a fee of $9.32.

After the Bitcoin halving occurred, transaction fees significantly increased. A regular transaction incurred fees amounting to around $146, while priority transactions cost approximately $170 during this period.

The Hashprice Index, a measure developed by Luxor to represent the earnings a miner can obtain from a certain hashrate amount, has decreased significantly from its previous value of $182.98 per hash/day to the current rate of $81. This figure now falls below the pre-halving level.

Bitcoin miners had expected that the halving would greatly reduce their earnings. However, the launch of Casey Rodarmor’s Runes protocol, which became active during the halving and enables the creation of interchangeable tokens on Bitcoin, was believed to offset this negative impact due to the increased activity it would generate on the blockchain.

It should be noted that these ordinal collections also generate considerable transaction fees but don’t appear to be the same revenue source as many hoped Runes would be.