Users Paid $2.4 Million in Fees in Bitcoin Block #840,000
During the Bitcoin halving, users paid a total of 37.6256 BTC, equivalent to $2.4 million, in fees to include 3,050 transactions in the block #840,000.
The drastic increase in transaction fees, averaging at $203, was observed due to the halving event. An unidentified user notably paid a fee of 6.7 BTC, amounting to approximately $430,500, while another user’s transaction in the halving block cost 8 BTC, equivalent to $511,500.
The fees have since decreased, with the current average transaction fee on the Bitcoin blockchain being $43.
According to journalist Colin Wu, the increase in fees can be attributed to the launch of Runes – a protocol that allows the issuance of fungible tokens using the UTXO model on the Bitcoin blockchain, preventing network congestion.
