Bitcoin Transaction Fees Reach New Heights Amidst Memecoin Craze and Network Adoption
For the first time since 2017, Bitcoin transaction fees in a single block have surpassed the block rewards given to miners. The fees in the block were 6.7 Bitcoin, beating the block subsidy of 6.25 Bitcoin. This spike in fees benefits Bitcoin miners, who run expensive computers to secure the network. Transaction fees are one of two sources of income for miners, and their fluctuation makes it uncertain if they will provide a consistent source of income in the future.