Bitcoin transaction fees plummet after halving – Newsbit

Bitcoin started the new week stable, with a trading price above $66,000. According to Mempool.space’s on-chain data, a medium priority transaction costs $8.48, while a fast transaction costs $9.32.

The halving explosion of transaction costs

Initially, Bitcoin transaction fees skyrocketed around the halving. Immediately after the halving, you paid $146 for a “medium-priority” transaction and $170 for a high-priority transaction.

Since then, transaction costs have fallen quite dramatically and this is also at the expense of Luxor’s so-called hash price index.

The hash price index essentially tells us how much miners earn per unit of computing power. That hash price has fallen from $182.98 per hash/day to $81 per hash/day.

This means that this amount is lower than before the halving, but that is also logical, because the block subsidy for the miners has of course been halved with the halving. As a result, they only earn half of Bitcoin per found block.

NFTs should save the day?

Although Bitcoin miners were of course already aware of the halving of the block reward, there was hope thanks to Casey Rodarmor’s Runes protocol.

With that protocol it is possible to create so-called Runes, a certain form of tokens, which should increase activity on the blockchain.

This naturally increases transaction costs and provides the miners with some extra turnover. However, these increases have not materialized for the time being.

However, at the moment the runestone NFT collection is not that popular. Over the past 24 hours, the tokens have even fallen enormously, according to Magic Eden data.

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