Bitcoin’s fee market has entered an unusual phase, raising questions about the fate of the fees and their implications for the network’s economic security. Since the decline in non-monetary activity like Ordinals and Runes in late 2024, on-chain usage has dropped sharply.
The result has been a growing number of blocks that clear at almost no cost to users, which often averages just 1 satoshi per virtual byte or less.
Where Did All the Bitcoin Fees Go?
For those looking to send bitcoin quickly and cheaply, this environment seems ideal. But the same cannot be said for miners, who rely on fees to supplement the shrinking block subsidy after the 2024 halving. The collapse of fee pressure exposes a deeper vulnerability in Bitcoin’s long-term sustainability, according to the latest note shared by Galaxy Digital.
Median daily fees have fallen more than 80% since April 2024, and as of August 2025, nearly 15% of all blocks can be classified as “free blocks.” At the same time, almost h
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