Bitcoin miners enjoyed a surge in revenue following the recent halving event, with transaction fees skyrocketing in the immediate aftermath.
Data shows a dramatic rise in fees following the halving of the block reward. On Friday evening, the cost per transaction jumped from a modest $18 to a staggering $245, before settling at a still elevated $34 by Saturday morning.
After the halving, bitcoin transaction fees surged due to heightened activity on the Runes protocol and efforts to capture newly minted runes. Viabtc’s processing of block 840,000 resulted in 3.125 BTC and 37.625 BTC in transfer fees from 3,050 transactions.
The next twelve blocks, which included the Viabtc halving block, saw the miners of Bitcoin gain 257.043 BTC, or $16.35 million. After sixty blocks, Bitcoin miners had amassed more than 860 Bitcoin, worth more than $54 million.
Upon reaching block height 841,005, Antpool, the mining pool, earned 32.946 BTC in fees. Throughout these 60 blocks, more fees were collected than in any preceding 24-hour period.
Also Read: Bitcoin’s 840,000th Block Halving Cuts Miner Rewards by 50%
