The Rune protocol, launched simultaneously with Bitcoin’s halving, has ignited the market, causing a surge in Bitcoin network fees that has even exceeded the impact of the halving of block rewards. The total block reward at one point exceeded 2.6 million USD.
In conjunction with Bitcoin’s halving, the Rune protocol has gone live and caused a surge in Bitcoin network fees. The total block reward for miners was still over 17 BTC (over 1 million USD) at the time of writing, and even reached 40,751 BTC (over 2.6 million USD) at one point. This led Shen Yu, co-founder of F2Pool, the world’s largest mining pool, to tweet, “This is not a ‘halving’ of BTC, it’s a doubling.”
Bitcoin network fees have skyrocketed, with high priority fees surpassing 185 USD/vB. According to mempool data, Bitcoin network transaction fees reached a high priority fee of 2,084 Sat (185.21 USD)/vB, surpassing 2,000 Sat. Although they have since fallen, they remain significantly higher than usual. The no priority fee is 20 Sat (1.79 USD)/vB, the low priority fee is 942 Sat (84.3 USD)/vB, the medium priority fee is 1,099 Sat (158.82 USD)/vB, and the high priority fee is 1,190 Sat (106.49 USD)/vB.
Leonidas, the developer of Ordinls and founder of Runestone, stated that the meme coin DOG•GO•TO•THE•MOON was airdropped in a transaction with a fee of 1,258,757 sat/vB. As of now, the minimum fee required to mint runes through Luminex is 1,071 sats/vB.
Source: mempool
Bitcoin network fees have surged more than four times and surpassed Ethereum. According to the latest data from Bitinfocharts, the average transaction fee on the Bitcoin network is now close to 19 USD, reaching over 24 USD recently. Moreover, The Block’s data reveals that the transaction fees on the Bitcoin network have increased more than four times from 4.11 USD to the current 16.7 USD in the 7-day moving average since the beginning of this month. Although the current average fee has not reached the historical high of over 30 USD during the Ordinals and BRC20 hype last year, the current fee level is still significant.
In contrast to the Bitcoin network’s hot activity, Ethereum has recently appeared much quieter. Since April 11th, Bitcoin network fees have surpassed the average fees of Ethereum (latest data is 6.74 USD), and according to Etherscan data, the current Ethereum Gas is as low as 6 gwei, with a median gas price of around 11 gwei in recent days, the lowest in the past six months.
Source: bitinfocharts
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