Transaction fees have seen anomalous volatility amid Bitcoin’s third halving, increasing over 800% in one month.
From April 11 until May 14, Bitcoin (BTC) transaction fees increased by more than 1,250% from $0.38 to $5.16.
While Bitcoin transaction fees have since fallen by 33.3% to sit at roughly $3.44 as of this writing, fees have increased by 36.5% since the block reward halving on May 11.
Bitcoin fees double in three days after halving
The average cost of executing transactions on the Bitcoin network has increased by more than 800% in just one month, with May posting the highest transaction fees since July 2019 so far.
Bitcoin transaction fees March 2020 – May 16, 2020: BitInfoCharts
Fees are up by more than one-third since the halving, which precipitated an increase in transaction costs of 105% over three days.
Despite fees reaching their highest levels in nearly one year, current transaction costs are less than one-tenth of the all-time highs recorded at the end of 2017.
Transaction costs fall 8% immediately after 2016 halving
The run-up to Bitcoin’s second halving on July 9, 2016, saw fees increase roughly 200% from $0.081 on May 1, 2016, to a local peak at roughly $0.24 posted both during mid-June and late-July of that year.
Bitcoin transaction fees May 2016 – September 2016: BitInfoCharts
Over the three days following Bitcoin’s second halving, fees fell by nearly 8%.
Recent fee volatility dwarfs 2012 halving
Bitcoin’s first halving on November 28, 2012, saw fees increase by 300% from Nov. 26 until Nov. 27, before crashing back to pre-halving levels within two days of block rewards decreasing.
Bitcoin transaction fees November 2012 – January 2013: BitInfoCharts