Summary
TLDR: Bitcoin transaction fees reached record highs due to increased activity from the halving event and launch of a new protocol for meme coins. Fees have since dropped significantly, but miners earned a significant amount from fees post-halving. The future of high transaction fees as a revenue source for miners remains uncertain.
Key Points
1. Bitcoin transaction fees reached record levels, with the average fee soaring to $127 during a recent spike in activity.
2. A new protocol for Bitcoin-based meme coins, Runes, contributed to the increase in transaction fees, with users spending a total of 312 BTC (or $20 million) on fees.
3. Despite the initial surge in fees, the average Bitcoin transaction fee has since dropped to $34, marking a 74% decrease from the peak levels seen over the weekend.