Bitcoin’s average transaction fee comes down after reaching record high amid Runes rollout

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The average transaction fee on Bitcoin fell on Sunday after it surged to a record high the day prior, following the network’s fourth halving.

The average fee paid on Bitcoin per transaction dropped to $34.8 on April 21, after logging a record high of $128.45 on the day of halving, according to YCharts data. The average transaction fee measures the average fee in U.S. dollar terms when a bitcoin transaction is processed by a miner.

On April 20, the bitcoin total transaction fees amounted to $81 million, up from $7.7 million the day before, the data showed. The network logged $22.37 million in total fees on April 21.

The spike in fees coincided with the launch of Casey Rodarmor’s Runes protocol, a new token standard similar to BRC-20s. It caused transaction fees to increase as individuals hurried to create rune-based memecoins. 

Also on April 20, the halving block appeared to be from the ViaBTC mining pool, which earned a basic reward of 3.13 BTC ($199,579) and an additional 37.6256 BTC ($2,399,135) reward paid as fees of the 3,050 transactions which were included in the block, according to’s tracker.

Bitcoin edged up 0.9% to trade at around $65,700 at the time of publication, according to The Block’s price page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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