Fees are spiralling out of control due to halving.

[shanhaigamefi]

The side effects of Bitcoin halving have emerged.Seeing posts about folks being charged triple their transaction amount in fees for trying to move BTC. Personally tried to move $60 other day and got charged $40 for it. If you don’t believe , go try it.

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[Oshosondy]

Rune is one of the cause of the high fee but the mempool is getting better.

The fee is gradually reducing. After halving, it increased to over 2000 sat/vbyte. It later reduced below 500 sat/vbyte. I saw it below $150 sat/vbyte yesterday. It is below 100 sat/vbyte now.

[Majestic-milf]

 Fees are so high right now I can't even make transactions! I wonder if this will last for a long while because of the hype of the halving or it's just a temp thing. I've been forced to hold my coins because of this and honestly it's not funny.

[crwth]

I did experience it somehow a little bit before with a $50 fee. It's really too much when it comes to transactions because the expensiveness of it makes it hard for it to be used in an everyday setup. I think it's not mainly halving but it has something to do with Runes as well or something.

[livingfree]

The side effects of Bitcoin halving have emerged.Seeing posts about folks being charged triple their transaction amount in fees for trying to move BTC. Personally tried to move $60 other day and got charged $40 for it. If you don’t believe , go try it.

I don't have to believe because the fees are visible by checking how much the transactions fees are right now.

This isn't the effect of the halving but those minters that are doing it on the bitcoin blockchain. They're spamming the network with their runes, ordinals and everything that they've been doing to mint new money for themselves.

In return, the fees for Bitcoin transactions have been affected but this isn't going to take any longer. Soon, we'll see the drop in fees.

[joeperry]

It's really hard now to do micro transactions, I usually have some spare Bitcoin in my wallet and use it to buy things online such as gift cards or coupons/vouchers but in the past few months especially this few days, it's really impossible to make small transactions and sometimes the fee is higher than the value of the Bitcoin that you are going to transfer.

I think I need to use altcoins for micro transactions but the problem is not all of them accept other coins, they mainly accepts Bitcoin.

[Husires]

It is not because of halving, but because of those who try to inject codes, images, expressive texts and other things into the Bitcoin blockchain. block size is limited, fees are high, and some are still willing to pay thousands of dollars for nothing.
The rules of the free market say that at some point this spam will stop and fees will return to normal, but without intervention from most of the network, there is no guarantee that this will happen again, for or without a reason.

We can bear paying fees up to 3% of the transaction value, but if the fees are higher than that, the network will be used for large value transactions.

[slaman29]

This is not really anything to do with halving, if you've been trying to spend BTC for the last year you'll know it was even higher last year around the same months

Like @Oshosondy already showed, it was a temporary spike, mainly because of Rune, but 100 sat fee is okay if you just spending a normal input. Last week I spent 8 inputs and spent only 51 sat fee, when network average according to mempool was 200. I still got confirmed in 24 hours.

No need to go crazy let the Rune people fight. Oh and this is nothing to do with trading, move to Bitcoin Discussion

[mirakal]

I did experience it somehow a little bit before with a $50 fee. It's really too much when it comes to transactions because the expensiveness of it makes it hard for it to be used in an everyday setup. I think it's not mainly halving but it has something to do with Runes as well or something.

Honestly, this is bringing a hassle for everyone, but what else can we do but to wait patiently until the normal price gets back. My only worries is that if emergencies arise and you have no cash funds for it, it will really hit you into nerves. However, we all know this is just temporary. And right now, the price gets even better than the first and second day of halving. But I also have this feeling that this isn’t halving only but most probably with Runes as well, although we all know that is what normally happens when a very important crypto event is on going.

[ajiz138]

It doesn't make sense to move $60 when the mempool is at a standstill, but when it's needed in btc then there's no other way but you wait a long time, even with the current fees for me is quite heavy.

I don't know if during the halving in 2020 the mempool will be as congested as it is now? If I'm not mistaken at that time there were no ordinals that were hype, was it quite normal then?
I don't remember exactly at that time.

[poodle63]

its not because halving its because the rune minting you try seeing the rune minting in unisat you will find people are trying to get ahead of other people and paying $100 for just minting rune is normal thing.
the halving I think has very little to do with the fact that the fee is increasing, the block size still remain the same everything is the same only reward gets halved, but with the presence of these runes it does cause the fee to increase just like similar scenario in ethereum blockchain whenever there's airdrop claiming or NFT minting the fee spikes.
just to give you an information those rune minters are minting the runes by bulks, sometime 100x in a row with $100 fee and they are willing to pay for it.
its basically just whoever pay gas fee higher they get to get the limited supply minted runes.

[Frankolala]

No one should put the blame on the halving because it is only the halving block which is 840,000 block that the fee can be expensive just to insert your transaction into the halving block. The present cause of this hike in transaction fee is because of Runes, using bitcoin blockchain to mint.

We have seen such hike in transaction fee last year when ordinal attack bitcoin network, and it subsided, fee went back to normal showing that we are still going to experience normal transaction fee soon. In such times like this, I don't make any transaction, because I cannot afford the transaction fee.

[AprilioMP]

The side effects of Bitcoin halving have emerged.Seeing posts about folks being charged triple their transaction amount in fees for trying to move BTC. Personally tried to move $60 other day and got charged $40 for it. If you don’t believe , go try it.

We know the condition of the fee is high caused by something that has been mentioned. Because of the high cost, I still don't want to move Bitcoin assets and that is not one strong reason because there is another stronger reason why I still want assets to be stored in a private wallet.

Moving a small amount of assets is not an option if the transaction fee is high especially the value to be moved is less than $100. Fee Bitcoin per transaction is now at 132 sat/vB for high priority based on migration.
While waiting for ATH Bitcoin to be achieved, the fee will probably be low. Please be patient first.

[jaberwock]

No one should put the blame on the halving because it is only the halving block which is 840,000 block that the fee can be expensive just to insert your transaction into the halving block. The present cause of this hike in transaction fee is because of Runes, using bitcoin blockchain to mint.

We have seen such hike in transaction fee last year when ordinal attack bitcoin network, and it subsided, fee went back to normal showing that we are still going to experience normal transaction fee soon. In such times like this, I don't make any transaction, because I cannot afford the transaction fee.

I would assume that there are plenty of reasons why, but if we are being honest the simplest answer to all of this is that people are paying for it and that's it. If people decided boycotting these miner fees then we would just not have any transactions, we would drop everything and stop moving our money between wallets, it includes runes and everything else, we would just stop. Then miners would slowly first mine the latest ones with high fee, then there won't be any high fee and they would start to look at backlog and do with smaller fees, and then eventually it will be empty enough that we would all be doing it for cheap.

But right now, we have way too many transactions and everything which makes it quite expensive because we are crowded and there is a limit to per block transactions.

[salad daging]

No one should put the blame on the halving because it is only the halving block which is 840,000 block that the fee can be expensive just to insert your transaction into the halving block. The present cause of this hike in transaction fee is because of Runes, using bitcoin blockchain to mint.

We have seen such hike in transaction fee last year when ordinal attack bitcoin network, and it subsided, fee went back to normal showing that we are still going to experience normal transaction fee soon. In such times like this, I don't make any transaction, because I cannot afford the transaction fee.

If I'm not mistaken there is someone entering transactions into the halving block by sending dust but the fee is quite astonishing, it's like they want to be in the 840,000 halving block so the fee is expensive.

Yeah this high fee is only temporary while the cost of bitcoin will return to normal high waiting for the right time, even now it is lower when the block halving is done, it usually takes months to mempool back to normal.

[Hamphser]

No one should put the blame on the halving because it is only the halving block which is 840,000 block that the fee can be expensive just to insert your transaction into the halving block. The present cause of this hike in transaction fee is because of Runes, using bitcoin blockchain to mint.

We have seen such hike in transaction fee last year when ordinal attack bitcoin network, and it subsided, fee went back to normal showing that we are still going to experience normal transaction fee soon. In such times like this, I don't make any transaction, because I cannot afford the transaction fee.

If I'm not mistaken there is someone entering transactions into the halving block by sending dust but the fee is quite astonishing, it's like they want to be in the 840,000 halving block so the fee is expensive.

Yeah this high fee is only temporary while the cost of bitcoin will return to normal high waiting for the right time, even now it is lower when the block halving is done, it usually takes months to mempool back to normal.

Few weeks i should say or a couple of days which these high fees would really be tending up to normalize but of course this is something that cant really be that known on how fast it would really be able to plummet down. Honestly, it do really sucks on the time that we do have this kind of problem on which tending to make out some transactions but due to that current $10-20 fee then you would really be hesitating on doing so.Even if i do have the money but im not really that still willing on paying up 20 bucks for something about transfer fee. It is really just that too much but on the time that i have seen that this one
would really be taking too long then i might sacrifice my 10-20 bucks. 

Fees now are playing in between 90-120sats/byte which it might be that lower in compared into that previous days but still a painful fee if you would really be tending to make
out some transactions.

[Upgrade00]

2024 has been the worst year in terms of fees paid on transactions. BRC-20 spam has hit the network hard over the past months with more Bitcoin users looking for ways to accelerate txs more than in previous years.

The halving caused a spike in fees due to people trying to get into the halving block, but after almost 400 transactions, that's no longer an influence, this is the reality now which everyone is hoping wears off with time. But if it doesn't, there may need to be a tweak on the network to make Bitcoin usable for regular users again.

[Adbitco]

I have never experienced this even when people keep saying about this fee it gets me surprised to see that after halving instead of positive news we keeps seeing people give negative news about fees getting high instead of bitcoin price to high.

I think it's not mainly halving but it has something to do with Runes as well or something.

You are correct.
After i finished typing the above comments and decided to make a little search about Runes and i came to observed its another reason for the sudden surge in bitcoin fee.

[Assface16678]

I think the halving event is not to be blamed here. Even though it was not a halving event in the previous months, transaction fees were still high due to congestion in the network and also mempool, so I don't think that blaming it all on halving is not a thing. Anyway, just wait for a few days and the transaction fee will slowly be reduced and be backed to a single digit. It can't be helped. Many holders or people tried to transfer assets to different addresses during the halving event, which is why it causes congestion in the network. We dont know why. Maybe they are securing their assets as we dont know what will happen after or during the halving event.
So for now, take it easy. If the transaction is not that important, then don't push to do transaction because, believe me, you will be shocked if you see that your transaction fee might be higher than the amount you will transfer.

[Mpamaegbu]

2024 has been the worst year in terms of fees paid on transactions. BRC-20 spam has hit the network hard over the past months with more Bitcoin users looking for ways to accelerate txs more than in previous years.

You're correct about fees and the BRC20 effect. Though all that have made Bitcoin usage difficult for small transactions, I like how something is being built on its ecosystem too. Yes, BRC20 tokens are memes on the chain and that goes to show how memes have made themselves a huge talking point in the current crypto narrative. We can't rule that out no matter how we despise them as worthless tokens.

The halving caused a spike in fees due to people trying to get into the halving block, but after almost 400 transactions, that's no longer an influence, this is the reality now which everyone is hoping wears off with time. But if it doesn't, there may need to be a tweak on the network to make Bitcoin usable for regular users again.

Fees will return to normal once the mempol is cleared up. The high fees won't remain forever. Late last year I had over three transactions of mine stay unconfirmed for more than three weeks. It got to that point where I lost hope they were ever going to confirm. I'm sure that would've scared any newbie in the space if it happened to them and they would've erroneously believed they had lost their Bitcoin.