After Halving Event, Bitcoin Transaction Fees Soar to Over $240
Upon reaching block height 840,000, when the mining pool Viabtc collected 37.626 bitcoin in fees worth $2.39 million
Etienne Note: Bitcoin sucks. It is the "Model-T of crypto-currencies and, I believe, being propped up by the existing organized crime NSA and banking system because #1. It is not private and all of the transactions are on a public blockchain that can be tracked through what is known as "chain analysis" to understand the sender, receiver and amount of each transaction and 2. the ridiculous transaction fees that ensure that BTC poses no threat to the existing organized crime, fractional reserve banking monetary system that is stealing the value out of everyone's money. 3. It provides the intelligence agencies that I believe were behind Bitcoin (See "Government" - The Biggest Scam in History... Exposed! for my breakdown at Government-Scam.com ) By focusing and directing the investment world's energy and resources into NSA Bitcoin, it is "stealing the oxygen" from better crypto-currencies that have privacy features, resource-backing and/or low-transactions fees that would actually threaten the organized crime monetary system with obviously better monetary "features" then rapidly depreciating fiat paper or digital dollars.
Upon reaching block height 840,000, when the mining pool Viabtc collected 37.626 bitcoin in fees worth $2.39 million, the expense for onchain transfers climbed, surpassing $240 per transaction. Block 840,003 recorded 16.06 bitcoins in fee payments, and block 840,004 accumulated 24 bitcoins in fees valued at over $1.5 million.
Bitcoin Transaction Fees Skyrocket Above $240 Following Halving
Bitcoin fees soared to more than 2,750 satoshis per virtual byte (sat/vB) or over $240 per transfer on Friday, April 19, 2024, in the aftermath of the halving. Currently, fees have decreased to 1,700 sat/vB or more than $150 per transfer on the low-priority end. Metrics indicate a strong level of Rune protocol activity on the web portal mempool.space.
As of 8:39 p.m. Eastern Time, there are 234,162 unconfirmed transactions awaiting confirmation, equivalent to about 241 blocks or more than 450 megabytes of data. High-priority fees stand at $245-$203 per transfer, while low-priority fees are roughly $159 per transaction.
Within just a few blocks, miners have collected more in fees than they typically do in 24 hours. Fortunate miners include Viabtc, Foundry, Braiins Pool, and Antpool, which has found two blocks. Since the fourth halving, the fee rate has now surpassed the previous peak of $62 per transfer seen back in April 2021.
The recent increase in bitcoin transaction fees, which surpassed previous highs, highlights the fluctuating economic environment of the network following significant events. When Antpool discovered block 840,005, the mining pool captured 29.821 BTC worth $1.9 million.
Mining pools stand to amass millions in mere hours if this trend continues unabated. For example, block 840,006 contained 23.156 BTC, and block 840,007 held 17.68 BTC in fees.
What do you think about onchain fees skyrocketing following the halving? Share your thoughts and opinions about this subject in the comments section below.
Folk singer Brendan Daniel picks up where Oliver Anthony left off, exposing the big secret of the "Rich Men North of Richmond": that "government" is a technique of inter-generational organized crime to rob and control populations. The song was inspired by the book: "Government" - The Biggest Scam in History... Exposed! - How Inter-Generational Organized Crime Runs the "Government," Media and Academia by Etienne de la Boetie2, founder of the Art of Liberty Foundation.