Record Bitcoin Fees Post-Halving Runes Launch event
Overview
Bitcoin transaction fees remained persistently high for several days after the network's halving on 20 April 2024, driven by heavy minting activity on the Runes protocol, which had just been introduced. During that period, Runes transactions accounted for the vast majority of all fees paid on the Bitcoin network, at times exceeding 90%. Bids from those minting Runes pushed fee rates beyond 1,000 satoshis per vByte. This revenue surge temporarily compensated miners for the reduced block subsidy resulting from the halving. The elevated fees did not last: the average fee, which hit a record of approximately $128 on the day of the halving, dropped to about $34 or lower soon after. Over the subsequent twelve months, Runes' proportion of network fees also fell markedly.
Within The Counterparty graph, Record Bitcoin Fees Post-Halving Runes Launch connects to 1 tracked entity, most strongly to Runes Protocol Launch at Halving.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
launched | Runes Protocol Launch at Halving | 95% |
Frequently asked questions
What is Record Bitcoin Fees Post-Halving Runes Launch?
Record Bitcoin Fees Post-Halving Runes Launch is an event tracked in The Counterparty knowledge graph. It is connected to 1 other tracked entity, most strongly to Runes Protocol Launch at Halving.
What type of entity is Record Bitcoin Fees Post-Halving Runes Launch?
Record Bitcoin Fees Post-Halving Runes Launch is classified as an event (event) in The Counterparty knowledge graph.
What is Record Bitcoin Fees Post-Halving Runes Launch connected to?
In The Counterparty knowledge graph, Record Bitcoin Fees Post-Halving Runes Launch is linked to 1 other tracked entity, most strongly to Runes Protocol Launch at Halving.
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.