The bitcoin network demonstrates a sharp increase in transaction fees. Within nine days after the halving, miners earned almost 50% more on transaction fees than in the whole April.
Since May 11, when the halving took place in the bitcoin network and the reward for miners for the mined block halved to 6.25 BTC, the average transaction fee in the bitcoin network increased by 220% to more than $6.40, according to Bitinfocharts. On the halving day, transaction fees stood just under $2. Bitcoin transaction fees began growing several weeks ahead of the halving. By May 11, they had already jumped by 400%. On April 26, average transaction fee in the bitcoin network was about $0.62.
After reducing the reward for the mined block, transaction fees became the main source of income for miners. According to Coinmetrics, miners earned 1176 BTC on transaction commissions in the nine days after the halving, while their income from commissions in April was only 818 BTC. Within 30 days of March, miners earned 1251 BTC on transaction fees.
The bitcoin network is subject to dynamic pricing of transaction fees. High commissions usually indicate that the demand for transactions is much higher than the supply. In December 2017, amid growing bitcoin exchange rate and interest in cryptocurrencies, transaction fees in the bitcoin network reached an all-time high at $55.
The current increase in transaction fees may be due to an attempt by miners to compensate for the loss of revenue from block mining by increasing revenue from another source, transaction fees.