Blockchain

Bitcoin Transaction Fees Plummet After Halving Event

Bitcoin transaction fees have experienced a significant decline following the recent halving event, providing relief to users and miners alike.

Initially, after the halving, fees soared to unprecedented levels, reaching as high as $146 for medium-priority transactions and $170 for high-priority transactions.

However, recent data from Mempool.space indicates a remarkable reduction in fees, with medium-priority transactions now costing $8.48 and high-priority transactions priced at $9.32.

This substantial decrease in transaction fees comes as a relief to Bitcoin users, who were facing exorbitant costs in the immediate aftermath of the halving.

Additionally, the hash price index, a metric reflecting miners’ potential earnings from a given amount of hash rate, has also declined significantly post-halving. This drop from $182.98 per hash/day to $81 indicates a substantial decrease in mining profitability.

While miners had hoped that the introduction of the Runes protocol, designed to create fungible tokens on the Bitcoin blockchain, would offset revenue losses post-halving, initial results suggest otherwise.

Despite expectations, floor prices for the Runes NFT collection have plummeted by nearly 50% in the last 24 hours, indicating a lack of significant activity and revenue generation from the protocol.

In contrast, ordinal collections like Bitcoin Puppets and NodeMonkes have seen increases in floor prices, highlighting the uncertainty surrounding the revenue potential of different NFT projects in the post-halving landscape.

Featured Image: Freepik

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