Bitcoin’s Fourth Halving Successfully Completed! Rune Protocol Launched, Network Transaction Fees Surge

Bitcoin's Fourth Halving Successfully Completed! Rune Protocol Launched, Network Transaction Fees Surge

Bitcoin's Fourth Halving Successfully Completed! Rune Protocol Launched, Network Transaction Fees Surge

Bitcoin reached block height 840,000 at 08:09:27 this morning, officially completing the fourth halving in history.


Due to the official launch of Runes after the halving, the demand for transactions on the Bitcoin chain has surged. Currently, the priority transaction fee in the Bitcoin network has increased to 2,000 satoshis/byte, which translates to nearly $200 per transaction. Leonidas, the developer of Ordinals, stated on the X platform that the transaction fees of individual blocks in the recent five Bitcoin blocks have exceeded mining rewards. Runes users have offset the reduced rewards after the halving and significantly increased Bitcoin’s security budget.

Historically, Bitcoin halving has always been a precursor to the rise in Bitcoin prices. The last halving occurred in May 2020, and within a year, the price of Bitcoin rose from $9,500 to $65,000. However, this time, Bitcoin experienced a significant surge before the halving due to the approval of a spot ETF in the United States. It rose from $15,500 at the end of 2022 to $73,680.