On April 20, the day of the Bitcoin halving, total transaction fees paid to miners jumped to 1,257.71 BTC, the highest since December 2017.
The high amounts starkly contrasted with fees from the previous day, which amounted to only 116.94 BTC. When viewed alongside the decreased block rewards post-halving, this surge in transaction fees led to an extraordinary scenario where over 75% of miner revenue was derived from transaction fees, as previously analyzed by CryptoSlate.
Such high fees have considerable implications for the utility of the Bitcoin blockchain. Throughout the weekend surrounding the halving, the mean transaction fee was $130, while the median fee hovered around $93, rendering the cost of settling regular financial transactions on the network prohibitively high for most users.
Consequently, only high-value transactions were feasible, where the substantial fees constituted a minor portion of the overall transaction value. The issue was further exacerbated by the introdu
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