Bitcoin fees crash from $2.4M to $10 post-halving

fees have been a major subject in the crypto market since the halving on the 20th of April. The day before the halving, the average fee on the Bitcoin network surged to $128.

In January 2023, the launch of Ordinals created congestion on the network. At that time, besides high fees, miners found it hard to process every transaction on each block, causing the network to stall for some time. For context, UTXO stands for Unspent Transaction Output. On the protocol, the UTXO represents the balance of coins that a user can spend in the future via a specific address.

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Bitcoin ‘Halving’ Will Deal a $10 Billion Blow to Crypto MinersFor enthusiasts of Bitcoin, a once-every-four-years software update called the “halving” has long been held as one of the keys to propping up its value.
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