Per insights from Glassnode, there has been a significant surge in fees paid to Bitcoin miners, reaching 1,258 BTC. This increase in transaction fees coincides with a decline in the creation of new Bitcoin addresses, which dropped to 260,838. The recent Bitcoin Halving event was expected to slash block rewards by 50%, reducing miners’ yields. […]
The post Bitcoin Miner Fees Spike as New Address Creation Declines appeared first on Coin Edition.
- Bitcoin transaction fees surged to 1,258 BTC, while new addresses declined to 260,838.
- Runes protocol offset post-halving miner yield reduction, causing network congestion and high fees.
- Despite recent dips, average Bitcoin transaction fees remain at 34.86.
Per insights from Glassnode, there has been a significant surge in fees paid to Bitcoin miners, reaching 1,258 BTC. This increase in transaction fees coincides with a decline in the creation of new Bitcoin addresses, which dropped to 260,838.
The recent Bitcoin Halving event was expected to slash block rewards by 50%, reducing miners’ yields. Instead, the introduction of Casey Rodarmor’s Runes protocol has offset this expectation.
This new protocol, designed for minting digital tokens on the Bitcoin blockchain, has quickly gathered popularity, leading to unprecedented network congestion and soaring transaction fees.
Although the total Bitcoin transaction fees hit 1,258 BTC, a slight decrease has occurred from the recent peak observed. Data from Mempool reveals that the average transaction fee currently stands at 34.86, a decline from the 128.45 high on April 20. While this drop represents a 72.86 % …
The post Bitcoin Miner Fees Spike as New Address Creation Declines appeared first on Coin Edition.
