On May 11, 2020, the Bitcoin network completed it’s third block reward halving and the network seems to be chugging along just fine. However, it may take a while longer to see the halving’s effect on the mining industry and right now bitcoin transaction fees have risen exponentially. Despite the rising fees, the research firm Glassnode explains that the Bitcoin blockchain’s health “remains strong” after the reward reduction.
Despite the Rise in Bitcoin Transaction Fees, Glassnode Report Says Overall Network Health remains strong
The Bitcoin (BTC) network has halved its block reward and so far, everything is still working as intended, at least for now. One issue people are complaining about today is the fact that transaction fees have risen significantly since the halving. For instance, if one was to do a rough average of the 50 blocks mined before the halving, they would see that miners were getting around 0.205 BTC in transaction fees per block.
After the halving, however, and a little beforehand, the transaction (txn) fees started rising much higher. At the time of publication, the fee required to get into the next block can range between $2-4 per txn. 241 blocks have been mined so far after the halving, and miners are getting around 1 BTC in fees per block or a touch more or touch less per block. Meaning, most miners are getting around 7.5 to 8 BTC per block, which is not too bad of a loss especially with the price rising slowly.
BTC price on May 13, 2020, rises above the $9K region.
A recent report from the research and analysis firm Glassnode called “The Week Onchain: Week 19,