Bitcoin Halving Triggers Surge in Transaction Fees as Runes Protocol Launches

Following Bitcoin's fourth halving event, which occurred at block 840,000, transaction fees surged as a result of the launch of the Runes protocol, which led to a flurry of transactions as users rushed to mint tokens atop the blockchain. The halving, which reduces the reward for miners by half, took place at 00:09 UTC on Saturday, with the 840,000th block added to the Bitcoin blockchain. While Bitcoin's price remained relatively stable above $63,000, transaction fees soared, with the halving block witnessing a record-high fee of 37.6 BTC, worth over $2.4 million. Additionally, the launch of the Runes protocol at block 840,000 resulted in over 800 runes being etched within an hour. This unprecedented surge in transaction fees and activity following the halving reflects a significant shift in the Bitcoin ecosystem and highlights the potential for miners to rely more on transaction fees to offset reduced mining rewards in the future.