Cryptocurrency news

The average BTC transaction fee increased by 525% over the month

The average BTC transaction fee increased by 525% over the month

Transaction fees increase along with the price of bitcoin. Over the past month, the average cost of sending BTC increased by 525%.

According to Bitinfocharts, the average Commission for a BTC transaction today is $5.8. transaction Fees have increased rapidly in the past few years, which coincides with the overcoming of
bitcoin of the $11,000 milestone. The payment to miners for sending transactions has doubled only in the last three days.

The Commission, as a rule, sharply grow with increasing network activity. Given the growth of the BTC price above $11,000 and additional activity in this regard, the situation with commissions is quite expected.

High fees are also correlated with an increase in the queue of unconfirmed BTC transactions (mempool). Mempool’s size peaked on July 24, when 80 MB transactions were waiting for confirmation. When the queue of unconfirmed transactions grows, users who want to send BTC faster increase the Commission amount so that the miners can confirm the transaction faster.

The last time the growth of commissions for BTC transactions was recorded in may after halving
rewards for miners. Then the average Commission reached a two-year high of $6.6. during the same period, there was a
the largest queue size of unconfirmed BTC transactions in two years. However a few days later commissions in the Bitcoin network fell
double when the transaction pool is gradually unloaded.

Fees for transactions on the Ethereum network also continue
grow. According to Etherscan, on July 18, the network used 74.033 billion of gas, which was a record high in gas, but not in dollar terms. On July 22, the network again approached a record high with 74.015 billion of gas, equivalent to $1.4 million.