Bitcoin fees are up 500% this month
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Answer Bitcoin fees are up 500% this month
It seems that it is not only the price of Bitcoin that is rising, but also its fees.
According to the latest data provided by “Bitinfocharts“The average bitcoin transaction fee is currently $5.80, meaning the cost of sending bitcoin has gone up by more than 525%.
The surge in transaction fees has taken place in the past three days, coinciding with Bitcoin breaking the $11,000 level.
Fees usually rise as network usage rises, and given Bitcoin’s recent rally above $11,000, plus the recent additional demand it’s not a huge surprise.
The increased level of fees is also seen in Bitcoin transactions awaiting verification and authentication, known as Mempool.
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Mempool data peaked on July 24, with around 80MB of transactions waiting to be processed on the network.
When there is a backlog, those who want to send bitcoin quickly raise fees so that they are processed faster because miners are more likely to process transactions with higher fees.
The last time Bitcoin transaction fees rose like this was last May.
But it is expected that these fees will decline and decrease after a while, as happened in the past.
The Ethereum blockchain, one of Bitcoin’s closest competitors, has also surged, with Ethereum’s fees up 180% this month and averaging $1.4.
Gas charges on both # bitcoin And the #ethereum Out of control now!
– Lark Davis (@TheCryptoLark) July 28, 2020
The increase in Ethereum fees is directly due to the huge impact from the decentralized finance (DeFi) industry.
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As transaction fees rise, DeFi applications, such as Compound and Uniswap, are becoming more and more expensive to use.
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