Following the halving of the block subsidy, transaction fees reached a peak, reaching $170 for high priority transactions.
On April 20, in the hours following the halving, the average transaction fee reached a peak of $127.97, only to decrease the following day. This spike was mainly caused by the launch of Runes, a protocol for issuing fungible tokens on Bitcoin.
The halving block mined by the ViaBTC pool saw a total of 37.626 bitcoins paid in transaction fees.
Record revenues for miners
According to CryptoQuant data, miners have earned a total of $107.7 million from block rewards. This figure surpasses the previous record of $77 million set in April 2021. Based on the data, 75.4% of the earnings are estimated to have come from transaction fees, while the remaining 24.6% from the block subsidy.
It’s worth noting that the first 77 blocks of the fifth epoch generated $75,000,000 in revenues for miners, while the last 77 blocks of the fourth epoch generated $35,000,000.
