We are only a few hours away from when the Bitcoin mining reward split will happen, and as the date approaches, the transaction fees have skyrocketed.

This indicates that users are willing to pay a premium for prioritizing their transactions due to pressure and an increase in the number of uncertain transactions on the Bitcoin network.

Bitcoin transaction fees over $3:

Transaction fees on the Bitcoin network have increased in the past few days, according to data from Bitinfocharts.

On Friday, May 8, the average transaction fee was about $3.19, which is 350% more than it was days earlier, when the fee on May 4 was estimated at about $0.6.

Read:Free KICK Cryptocurrency Distribution: Trick or Reality?

Fees have not been so high since July 2019 when transaction fees were around $3.4.

Usually, the price of bitcoin transaction fees rises as a result of the large number of transfers and the increase of transactions in a time of high volatility, for example in December 2017, when the price of bitcoin reached 20 thousand dollars, the average transaction fees at that time was 55 dollars.

The chart above shows the volume of total unconfirmed transactions, which rose significantly over the past week.

With the Bitcoin mining reward split approaching, how will the fees be and will they be affected by what will happen with the third split event in the history of Bitcoin?

Read:Huobi platform burns 14 million Hubei units amid rising revenue

Read also:

A cryptocurrency trading platform that performs the largest transfer of Bitcoin in terms of value and with a fee of less than 1 dollar … Get to know it

A person paid a fee of $82,000 for a single transaction on the Ethereum network