ViaBTC hits jackpot with $2.4 million fee in historic Bitcoin halving block

exchange68September 11, 2024

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Quick Take

Following the post-halving Bitcoin transaction fee surge, mining pool ViaBTC collected a remarkable $2.4 million (37.626 BTC) in transaction fees, while the block subsidy contributed to a total of $2.6 million (40.751 BTC), according to mempool.space.

Block 840,000: (Source: mempool.space) — Block 840,000: (Source: mempool. space)

Taking a broader view of Bitcoin’s history with a one-day resolution, the average fee paid per block has exceeded the block subsidy just six times prior to April 20, including occurrences in 2013, 2016, twice in 2017, twice in 2023, and now in 2024, according to Glassnode data.

On April 20, fees exceeded the block subsidy for a remarkable streak of 104 consecutive blocks, a new record.

Average fee paid per block: (Source: Glassnode) - April 20 — Average fee paid per block: (Source: Glassnode) – April 20

While we observed a one-day high for fees on April 20, the total fees paid to miners (excluding minted coins) amounted to $80.8 million in USD value.

Total Transaction fees: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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