Yahya 
A frenzied race to own a spot in Bitcoin’s historic 840,000th block saw more than 3,000 traders altogether pay 37.7 BTC, estimated to be $2.4 million in fees. This milestone, happening in the middle of the fourth halving event, highlights the fervour of the cryptocurrency’s story and its development.
The rewards for this frenzy were earned on the 20th of April with the total earnings reaching over one hundred million dollars. On the halving day, miners garnered a whopping $107.7 million, a historical high that came from not only mining rewards but also from transaction fees as investors fought to be included in the historic block.
Investors Chase History, Spending $2.4 Million in Bitcoin Fees
The craze was evident, with 3,050 transactions chasing for little space on the block, with the average fee being closer to $800 per user totalling near $2.4 million. This fee spike was fueled mostly by the release of Casey Rodarmor’s Runes protocol and the halving era that started an avalanche of activities on Bitcoin Ordinals.
Record Revenue and Falling Fees: The Post-Halving Bitcoin Landscape
This revenue surge surpassed the previous record of $78.7 million set on March 11 when Bitcoin was trading at $71,415. Nevertheless, it is apparent that the spurt in revenue is closely associated with the market behavior of Bitcoin, as miners are paid in BTC for the transaction validation.
The event of halving that is characteristic of the Bitcoin design was able to slash mining rewards to 3.125 BTC per block, increasing the competition for rewards amongst miners until the next halving event somewhat diminishes them.
Nevertheless, the post halving hangover brings a cold shower to the reality. The hype of the happening died quickly, which was replicated in a fast drop of average transaction fees. After breaking records with an average fee of $128 on April 20, the fees dropped on the next day back to the normal range, i.e., between $8 and $10 for a medium-priority transactions.
The journey of Bitcoin has but begun and it is just half way through, but halvings are just a minor obstacle for the pillar of crypto market. It is a very attractive story about the cryptocurrency because it stays alive and resilient in the turbulent and fast-moving market.
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