RATE Group | Bitcoin transaction fees soar after Bitcoin halving
88553
post-template-default,single,single-post,postid-88553,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin transaction fees soar after Bitcoin halving

18 May Bitcoin transaction fees soar after Bitcoin halving

Posted at 03:18h in Bitcoin News by

In brief

  • Bitcoin’s average fees continue to soar post-halving.
  • Average fees hit an 11-month high of $5.16 on May 14.
  • Bitcoin’s blockchain mempool is backed up with 56MB of unconfirmed transactions.

Average transaction fees on the Bitcoin network have hit a new 11-month high. According to data from Bitinfocharts, the average fee paid for transacting on Bitcoin hit $5.16 on May 14—a phenomenon not witnessed since June 2019.

The average transaction cost increased 168% over the previous four days alone. Bitcoin fees have been on the rise ever since the turn of the year—and especially since the ramp-up to the block reward halving.

Seen below, BTC’s average fees rose an astonishing 1,742% since January 1. Yet the majority of that growth was kickstarted on April 28—exactly two weeks before Bitcoin’s halving event.

Source: Bitinfocharts

Typically, transaction fees increase when the Bitcoin network experiences periods of heavy usage. Competition for space in Bitcoin’s blocks…

Source link

Tags:
, , , ,