Bitcoin Transaction Fees Keep Rising After the Fork Event
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Answer Bitcoin Transaction Fees Keep Rising After the Fork Event
The Bitcoin mining reward has been halved, and the average Bitcoin transaction fee has continued to climb after.
As transaction fees on the Bitcoin network reached a new record that the network has not recorded in 11 months, according to data BitinfochartsThe average fee paid for bitcoin transactions was around $5.16 on May 14, a figure not seen since June 2019.
This increased the average transaction cost by 168% over the previous four days alone.
Bitcoin fees have been on the rise since the beginning of the year especially after the reward halving.
As can be seen in the chart below, the average Bitcoin fee has increased by a staggering 1,742% since January 1.
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However, most of this growth began on April 28, exactly two weeks before the split occurred.
Transaction fees usually rise when the Bitcoin network is going through heavy periods of use, as competition between users to speed up their transactions leads to higher transaction fees.
Additional Evidence That The Bitcoin Network Is Suffering From Transaction Overload What It Has Done With Data mempool From Blockchain.com.
The chart above shows the number of transactions worth in megabytes that are awaiting confirmation by bitcoin miners.
Just over two weeks ago, 80MB transactions were throttling the network.
While that number managed to fall, it couldn’t stay low.
The steady flow shown in the above chart indicates that Bitcoin hasn’t had a chance to rest in the past 30 days.
Over 56MB of data is still unprocessed at the time of writing this article.
The expectation surrounding the bitcoin mining reward split has been a possible explanation for the sudden influx of bitcoin activity over the past few weeks.
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The increase in average transaction fees also forces users to choose between sending fast but expensive transfers or cheap but slow transfers.
Read also:
Bitcoin Transaction Fees Rise Over 300% Ahead of the Fork Event
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