Runes Fee Spike Halving Day event

Event · PageRank 0.0000

Overview

Bitcoin's fourth halving occurred at block 840,000 on April 20, 2024, the same block at which Casey Rodarmor's Runes protocol activated. The race to mint runes in the halving block made it the most valuable block in Bitcoin's history: users paid about 37.7 BTC — roughly $2.4 million — in fees, and the block's total reward to mining pool ViaBTC came to 40.751 BTC. Average network transaction fees hit a record of roughly $128 that day, with Runes transactions briefly accounting for over 90% of all Bitcoin fees. Fees fell back sharply within days.

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Frequently asked questions

Why were Bitcoin fees so high on halving day?

The Runes protocol activated at block 840,000, the same block as the April 20, 2024 halving, and users bid aggressively to have their rune etchings and mints included in that block.

How much were the fees in the halving block?

Around 37.7 BTC, worth about $2.4 million, making block 840,000 the most profitable block in Bitcoin's history with a total reward of 40.751 BTC to the ViaBTC pool.

What was the average Bitcoin transaction fee that day?

About $128 — a record high — before falling back to roughly $34 or lower in the days that followed.