Bitcoin transaction fees have exceeded those of Ethereum for three consecutive days, ahead of Bitcoin's approaching halving.
Transaction fees Bitcoin exceed Ethereum
Bitcoin transaction fees exceeded those of Ethereum for three consecutive days, with revenues of $7.47 million for Bitcoin versus $7.31 million for Ethereum on April 17. Bitcoin transaction revenues were also higher on April 15 and 16, at $9.98 million and $5.91 million respectively.
Bitcoin halved
The approaching halving of Bitcoin will result in a reduction in the mining subsidy from 6.25 BTC ($398,000) to 3.125 BTC ($199,000). This means that Bitcoin miners will have to turn to higher transaction fees and a higher Bitcoin price to make up for lost revenue. This transition could mark a crucial turning point for the Bitcoin mining ecosystem, requiring rapid adaptation to maintain profitability.
Introducing NFT-like Ordinals and Runes
The introduction of NFT-like Ordinals in January 2023 helped Bitcoin miners generate more revenue from transaction fees. The release of Runes, a new Bitcoin token standard, during Bitcoin's halving, would offer new revenue insights.
Conclusion – Bitcoin fees exceed those of Ethereum
For three consecutive days, Bitcoin's transaction fees have exceeded those of Ethereum, just before Bitcoin was halved. This means that Bitcoin miners will have to rely on higher transaction fees and a higher Bitcoin price to make up for lost revenue. The introduction of NFT-like Ordinals and Runes could offer new sources of revenue for Bitcoin miners.
