In March 2023, Bitcoin’s average and median fees increased by more than 40% after rising 122% in 10 days during the first week of February. The fees have followed the ordinal registration trend, as more than 662,000 registrations reside on the Bitcoin blockchain, and 150 bitcoins worth $4.2 million have been added to the fees.
Bitcoin Fees Rise in March, Over 50,000 Unconfirmed Transactions on Mempool
As of 2:30 p.m. (ET) on March 31, 2023, according to Statistics from mempool.space, there are approximately 54,000 unconfirmed Bitcoin transactions. Bitcoin fees and wait times increased in March following the network fee increase that occurred during the first week of February.
At that time, due to the demand derived from the Ordinal registration transactions, the fees increased by 122% in 10 days. With BTC‘s significantly higher and the Ordinal enrollment trend still in full swing, the average and median transfer fees have increased since February 8, 2023.
According to data from bitinfocharts.com, as of Friday afternoon (ET), the average BTC transaction fee cost 0.000084 BTC or $2.40 per transaction. On February 8, 2023, the average fee was $1,704 per transfer, or 41.17% lower than the current average BTC fee.
BTC‘s median fee increased 42.02% from $0.69 to $0.98 per transaction over the same time period. Average fees increased to $4.24 per transaction on March 24, and on the same day median fees reached $1.37 per transfer.
At the time of writing, there are more than 662,000 Bitcoin-based ordinal signups and part of the fee increase have been attributed to the signup trend. Now, 150.2457 BTC in fees has been collected for ordinal registrations.
While BTC fees have been higher, still lower than the average and median fees settled on Ethereum (ETH) grid. Currently, the average ETH transaction fee is 0.003 ETH or $5.43 per transfer, and the median ether fee today is 0.0014 ETH or $2.54 per transaction.
while the mean and median BTC fees range from $0.98 to $2.40 per transaction, some fee payments, on 6 satoshis per byte or $0.24 per transaction, you have exceeded the transaction queue.
While intervals between blocks were faster than the ten minute average before the last difficulty change, averaging nine minutes and 33 seconds over the last 2016 blocks, they currently range from nine minutes and 50 seconds to ten minutes and 21 seconds.
What do you think the future holds for Bitcoin fees? Let us know your thoughts in the comments section below.
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