Bitcoin Steals the Spotlight: Higher Fees than Ethereum Three Days Running!

As the anticipatedBitcoin halving nears, transaction fees on Bitcoin have overtaken those of Ethereum for three straight days.

This shift is seen as miners and traders prepare for the halving event, which will significantly reduce the mining subsidy.

As the Network Braces for Halving, Transaction Fees Soar on the #Bitcoin Blockchain https://t.co/wK4nDcs4Ni

— Bitcoin.com News (@BTCTN) April 18, 2024

On April 17, Bitcoin miners earned a total of $7.47 million in fees, slightly outperforming Ethereum stakers who garnered $7.31 million.

The following days also saw Bitcoin maintaining this lead, with miners earning $9.98 million and $5.91 million on April 15 and 16, respectively, surpassing Ethereum’s figures by substantial margins.

Despite these spikes, Ethereum still holds a narrow edge over Bitcoin on a seven-day average, with $8.55 million in fees compared to Bitcoin’s $7.57 million.

Bitcoin fees are up and down before the halving, just like before.

– 2024: Bitcoin fees are mostly down with some spikes.
– Daily fees jumped to $1-2 million from $500k in 2023.

Late 2023 inscriptions led to spikes, briefly topping Ethereum in Dec and Feb. pic.twitter.com/UApzjFmckZ

— Kashif Raza (@simplykashif) April 11, 2024

This data is supported by figures from Crypto Fees, which tracks daily fees generated by different blockchains and decentralized finance projects.

The dynamic of transaction fees is increasingly crucial for Bitcoin miners, especially with the upcoming halving scheduled for April 20.

This event will cut the block mining subsidy from 6.25 BTC to 3.125 BTC.

Bitcoin transaction fees are skyrocketing as BRC-20 tokens and Ordinals create a frenzy.

PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals.

Get ready for the Runes launch, coinciding with the Bitcoin halving in just two days! pic.twitter.com/LDxnmQFroA

— Kyledoops (@kyledoops) April 18, 2024

Given the current mining rate of approximately 900 Bitcoin per day, transaction fees, which constituted 11.5% of total block rewards on April 17, are set to play a more significant role post-halving.

The addition of NFT-like features such as Ordinals inscriptions earlier in the year has already provided a boost to transaction fee revenues.

Another promising development is the launch of Runes alongside the halving.

What’s gonna happen on the halving day at RuneChain?

– Bridge $BVM to RuneChain for network fees
– Bridge Runers to activate them and mine the first $RUNIX
– Mint, bridge, and trade Runes sourced globally

→ https://t.co/g8Ld9NbtY2

Stay tuned for further instructions! pic.twitter.com/39DYu9739t

— Bitcoin Virtual Machine (@BVMnetwork) April 18, 2024

This new Bitcoin token standard aims to simplify the creation of fungible tokens on Bitcoin’s blockchain, potentially opening up new revenue streams for miners.

Runes, created by Casey Rodarmor, also the inventor of Ordinals, is designed to be fully UTXO-based, which should minimize blockchain spam, a notable issue with Ordinals.

This launch is poised to coincide with the halving at block 840,000, potentially altering the economic landscape for Bitcoin further.

The halving is a day away, and Bitcoin is going to change in a way that we'll only appreciate later. The block reward is cut in half, and fees are going up. High fees will shape the future Bitcoin market, and what Ordinals are inscribed.

OCM Genesis was created for the high fee… https://t.co/sD5PSaSlf2

— danny huuep (@huuep) April 18, 2024

Amid these developments, market dynamics have seen a shift, with BRC-20 token prices experiencing a downturn, potentially influencing trader focus towards innovations like Runes.

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