Fun

Bitcoin fees top Ethereum for 3 days in a row as halving approaches

News Feed - 2024-04-19 09:04:06

Brayden Lindrea8 hours agoBitcoin fees top Ethereum for 3 days in a row as halving approachesTransaction fees will play an important role in keeping Bitcoin miners afloat after the halving as the subsidy for mining a block is set to fall from 6.25 BTC to 3.125 BTC.5159 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksFees on Bitcoin have surpassed Ethereum for three consecutive days as miners and traders prepare for the upcoming Bitcoin halving, and, to a lesser extent, the introduction of Runes on Bitcoin.


Bitcoin miners have cashed in $7.47 million in fees on April 17 — about $160,000 more than the $7.31 million paid to Ethereum stakers, according to Crypto Fees.


Bitcoin miners also raked in $9.98 million and $5.91 million across April 15 and 16 — beating out Ethereum stakers by $3.5 million and 1.1 million on those respective days.


Ethereum, however, maintains a narrow lead on a 7-day average fee basis at $8.55 million compared to Bitcoin’s $7.57 million.Largest fees by blockchains and decentralized finance projects. Source: Crypto Fees


Bitcoin transaction fees are determined by the size or data volume of the transaction and blockspace demand at the time of the transaction request.


The uptick in Bitcoin (BTC) fees comes at a crucial time for Bitcoin miners as April 20’s Bitcoin halving event will result in the mining subsidy being sliced from 6.25 BTC ($398,000) to 3.125 BTC ($199,000).


Currently, about 900 Bitcoin are mined per day, which equates to about $57.2 million at current prices.


Using April 17’s $7.47 million fee count, this means transaction fees accounted for 11.5% of the Bitcoin mining industry’s total block rewards.


However, the share of block rewards from transaction fees will increase considerably after the halving event as approximately 450 Bitcoin will be mined then.


Miners will therefore be relying more on higher fees and a continued increase in Bitcoin’s price to make up for the revenue fall that it will experience — at least in the short term — from the halving.


Meanwhile, the introduction of NFT-like Ordinals inscriptions in January 2023 has helped Bitcoin miners chalk up more revenue from transaction fees — and a new revenue stream will become available when Runes, a new Bitcoin token standard, is released when the halving occurs at block 840,000.


Related:China has a Trojan Horse in US Bitcoin mining infrastructure


Runes will compete with Ordinals by aiming to make it easier to create fungible tokens on Bitcoin for memecoin enthusiasts and other community-driven audiences.


Its creator, Casey Rodarmor, who also invented Ordinals, says Runes are fully UTXO-based and therefore should not spam Bitcointo the same extent that Ordinals has.Source:Casey Rodamor


The recent uptick in Bitcoin fees may have been partially driven by a decline in BRC-20 token prices in recent days as some trader attention shifts to Runes.


Ordinals (ORDI) and Sats (SATS), the two largest BRC-20s by market capitalization, have seen falls of 38% and 43% respectively over the last week, according to CoinMarketCap.


Magazine:Get Bitcoin or die tryin’: Why hip hop stars love crypto# Bitcoin# Blockchain# Mining# Ethereum# Transactions# Bitcoin Mining# Uniswap# NFT# Transaction FeeAdd reaction

News Feed

Martin Young5 hours agoVitalik Buterin reveals X account hack was caused by SIM-swap attackThe Ethereum co-founder has regained control of his T-Mobile account, confirming that a SIM-swap attack resulted in the hack of h
Max pain $51K? Bitcoin options worth over $9.4B set to expire Friday
Zoltan Vardai7 hours agoMax pain $51K? Bitcoin options worth over $9.4B set to expire FridayThe max pain Bitcoin price is at around $50,000 as over 134,000 BTC are set to expire on Deribit on March 29.4328 Total views30
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Recent Gains
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Recent Gains Bitcoin was marginally higher to start the weekend, as bulls were able to fight throu
David Attlee14 hours agoIMF head: CBDCs can replace cash, help financial inclusionInternational Monetary Fund managing director Kristalina Georgieva urged the public sector to “keep preparing to deploy” central bank
Ciaran Lyons7 hours agoMining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko reportAccording to the report, Europe is home to nine of the 10 least profitable countries for Bitcoin mining, based on household elect
Economist Discusses What Would Happen if the Masses Ditch Fiat Currencies for Bitcoin
Economist Discusses What Would Happen if the Masses Ditch Fiat Currencies for Bitcoin American economist Brian Wesbury has shared his thoughts on what would happ
China’s Digital Yuan Wallet App Now in iOS and Android App Stores
China"s Digital Yuan Wallet App Now in iOS and Android App Stores China’s central bank has released its digital currency wallet app ahead of the Winter Olympics. The wallet
Bank of America Expects the Fed to Keep Hiking Rates Until ‘Point of Pain’ for Consumer Demand
Bank of America Expects the Fed to Keep Hiking Rates Until "Point of Pain" for Consumer Demand Bank of America has warned that the Federal Reserve will have to keep raising interes
Softbank CEO says company’s purpose is to create ‘artificial super intelligence’
Tristan GreeneJun 22, 2024Softbank CEO says company’s purpose is to create ‘artificial super intelligence’Billionaire finance mogul Masayoshi Son also said that AI will be 10,000 times smarter than humans by 2035.5
Ethereum Price Sits Above Crucial Support Level — Is A Fall To $1,500 Possible?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Global Chip Shortages Disrupt Bitcoin Mining Rig Production: China’s Dominant Position as Hash Rate Leader Under Threat
Global Chip Shortages Disrupt Bitcoin Mining Rig Production: China"s Dominant Position as Hash Rate Leader Under Threat The ongoing global shortage of chips that
CME Gap At $92,000: Is A 12% Retrace Inevitable For Bitcoin?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu