Upon reaching block height 840,000, when the mining pool Viabtc collected 37.626 bitcoin in fees worth $2.39 million, the expense for onchain transfers climbed, surpassing $240 per transaction. Block 840,003 recorded 16.06 bitcoins in fee payments, and block 840,004 accumulated 24 bitcoins in fees valued at over $1.5 million.

Bitcoin Transaction Fees Skyrocket Above $240 Following Halving

Bitcoin fees soared to more than 2,750 satoshis per virtual byte (sat/vB) or over $240 per transfer on Friday, April 19, 2024, in the aftermath of the halving. Currently, fees have decreased to 1,700 sat/vB or more than $150 per transfer on the low-priority end. Metrics indicate a strong level of Rune protocol activity on the web portal mempool.space.