Bitcoin just processed 11,255 transactions in one block. For fees of only $180.
Bitcoin has produced one of the busiest blocks in its history.
AntPool mined block 974,961 containing 11,255 transactions, making it the second busiest Bitcoin block ever recorded by transaction count.
The all-time record remains 12,239 transactions in one block, set in 2015.
But the most surprising part was the commission income.
These 11,255 transactions yielded only about $180 in transaction fees, while AntPool's total block payout was about $237,000.
Almost all of this revenue came from the 3.125 BTC Bitcoin Block Subsidy. The fees represented less than 0.1% of the miner's total reward.
This is important because the Bitcoin block subsidy is halved roughly every four years. The next crossing is expected around 2028, when the subsidy will drop from 3.125 BTC to 1.5625 BTC.
Important: One low-fee block does not mean that Bitcoin's security model has failed. Fee income is constantly changing with the demand on the network.
But in the long run, Bitcoin is destined to rely more and more on transaction fees as newly issued BTC declines.
One of the busiest Bitcoin blocks ever was also incredibly cheap.