Bitcoin Tx Fees Skyrocket to $128: Is This the Start of a Bear Market Drop?

Pekelo

Pekelo

The halving came (last Saturday) and went (for 4 years) and in its wake transaction fees went up bonkers. For the celebratory block I think it went over 300 dollars, the chart doesn't show it though. This chart show 128 bucks as top what is exactly 100 times more than it was a year ago, the definition of SKYROCKETING.

https://ycharts.com/indicators/bitcoin_average_transaction_fee

The Miners want to get paid, be it in Bitcoin or Tx fees, they don't care. When the mining reward halves, guess what goes up? The Financiers of the Future didn't think this through.

Sidenote: Wenmo is actually free, even if it takes a few days.

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https://www.reddit.com/r/path%3D%252Fr%252FButtcoin%252Fcomments%252F1c9l5yi%252F
 
Literally everybody knew this would happen. Also making payments on the base layer is dumb and nearly nobody will do it , it would be like using fed wire to pay for a coffee.

on the positive , this solves bitcoins long term security concerns (aka once the block reward goes away and the fee is all the miners get)

it’s a good thing.
 
Pekelo said:
The halving came (last Saturday) and went (for 4 years) and in its wake transaction fees went up bonkers. For the celebratory block I think it went over 300 dollars, the chart doesn't show it though. This chart show 128 bucks as top what is exactly 100 times more than it was a year ago, the definition of SKYROCKETING.

https://ycharts.com/indicators/bitcoin_average_transaction_fee

The Miners want to get paid, be it in Bitcoin or Tx fees, they don't care. When the mining reward halves, guess what goes up? The Financiers of the Future didn't think this through.

Sidenote: Wenmo is actually free, even if it takes a few days.

-------------------------------

https://www.reddit.com/r/path%3D%252Fr%252FButtcoin%252Fcomments%252F1c9l5yi%252F
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well I see your point but I have seen much worse days for BTC and I have seen it has passed through all of them and I believe BTC did see through everything there, I am not giving my faith up on that.
 
Runes is one of the main reasons I decide to take my assignment hit on Argo Blockchain. And another reason I'm shorting CALLs at higher strikes instead of deep ITM. This extra income to miners was not priced in earlier as this sort of hyper activity wasn't expected.

We are post-halving now, and despite the fact many bears were screaming immediate miner collapse, we're seeing huge pops up, day after day double-digit growths for some of them.

Wish I had more trades on Marathon, but I'm ok with what positions I already have.
 
Looks like Argo Blockchain lost a whole penny (literally). And COIN is up 5 points.

Screenshot 2024-05-01 at 4.15.49 PM.png
 
It will take months for the price to go down, if this is the start. I mean at the very least we can be sure that it's not going to hit last year's lows, so the fees are going to be ridiculous from here on end. Not to mention the network is blowing up from all the workload, and the fees actually might cause some people to reconsider and think of a change of networks. Maybe then it will see better days.
 
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