A notable surge in transaction fees on the Bitcoin network has outpaced those on Ethereum over the past four days, signaling significant activity and anticipation in the crypto space, data from Cryptofees said.
On April 18, Bitcoin transaction fees totaled $6.81 million, eclipsing Ethereum’s $5.04 million. Similarly, on April 17, Bitcoin miners amassed $7.47 million in fees, surpassing Ethereum stakers, who collected $7.31 million. This trend continued with Bitcoin miners receiving $9.98 million and $5.91 million on April 15 and 16, respectively, exceeding Ethereum’s figures by $3.5 million and $1.1 million on the respective days.
Although Ethereum maintains a marginal lead on a 7-day average fee basis, with $8.02 million compared to Bitcoin’s $7.45 million, the recent surge in Bitcoin fees is notable.
The upsurge in Bitcoin fees coincides with the highly anticipated halving event scheduled for April 20, where mining rewards will be halved from 6.25 BTC to 3.125 BTC. Currently, approximately 900 BTC are mined daily, equating to about $57.2 million at current prices.
Following the halving, miners will heavily rely on increased fees and sustained Bitcoin price hikes to offset revenue decreases resulting from the halving, at least in the short term.
