Halving Fees Normalize Apr 2024 event

Event · PageRank 0.0000

Overview

The extreme Bitcoin fee levels seen at the April 20, 2024 halving proved short-lived. The average transaction fee fell to about $34.80 on April 21, 2024, down from a record of roughly $128.45 the previous day, and continued declining through the following week as demand for Runes minting collapsed — daily Runes transactions dropped from an all-time high of 753,584 on April 23 to around 19,000, a fall of about 97.5%. The episode left Bitcoin's fee market back near pre-halving levels and renewed debate about whether fee revenue can sustain miners as the subsidy declines.

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Frequently asked questions

How quickly did fees fall after the halving?

The average transaction fee dropped to about $34.80 on April 21, 2024, from a record of roughly $128.45 on halving day, and kept falling in the following days.

What caused the drop?

Demand for Runes token minting collapsed: daily Runes transactions fell from an all-time high of 753,584 on April 23, 2024 to around 19,000, a decline of roughly 97.5%.

Why does the fee normalisation matter?

With the block subsidy halved to 3.125 BTC, sustained fee revenue matters more to miner economics, and the rapid return to low fees renewed concerns about the durability of Bitcoin's fee market.