Bitcoin transaction fees have significantly lowered post-halving after spiking up to $170 for a transaction; Bitcoin clocked $78.3 million in total fee.
The fees for Bitcoin transactions increased sharply after the halving, reaching $146 for a medium-priority transaction and $170 for a high-priority transaction. However, the average fees for Bitcoin transactions have dropped significantly post-halving.
The Runes NFT collection was supposed to be the tool that maintained fee revenue post-halving, but the floor price for this collection has also dropped. On the day of the halving, block fees surged, more than making up for the halved block subsidy miners were hit with. However, this is no longer the case.
The Drop of Transaction Fees
A day after reaching a record average of $128 on April 20, the average fees paid on Bitcoin have sharply fallen. Currently, medium-priority transactions on Bitcoin cost between $8 and $10, according to mempool.space. According to Crypto Fees,
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