Statistics show that transfer fees on the Bitcoin network have increased 122% since the end of last month, as the average transaction fee rose from $0.767 to $1,704 per transaction. The increase in onchain fees coincides with the new Ordinals digital collectible trend on the network, with the number of registrations close to 20,000.
Increased transaction fees help Bitcoin miners earn higher revenue despite falling spot prices
Bitcoin network fees, or the average transfer cost BTCincreased 122% during the first week of February 2023. Statistics from bitinfocharts.com and ycharts.com shows that the average transaction on February 7, 2023 was around 0.000075 BTC or $1.70 per transfer. On-chain fees on January 29, ten days earlier, were about $0.767, according to the statistics. Users generally pay lower than average fees, and the average size on-chain transfer using the Bitcoin network at the time was around $0.167 per transfer. As of February 7, medium rates have increased 316% to $0.696 per transfer.
The number of unconfirmed transactions in the mempool has been between 7,500 and 25,000 during the last 24 hours. While average and medium-sized on-chain fees have risen to values between $0.69 and $1.70 per transfer, some users pay around four satoshis per byte, or roughly $0.13 using the stream. BTC exchange rates. The fee increase coincides with demand for Ordinals, which has led to on-chain sign-ups 18,731 beginning at 1:15 p.m. ET. bitcoin (BTC) miners are also seeing an increase in revenue from fees.
On January 29, bitcoin miners won 0.83 BTC from fees onlyand ten days later, on February 7th, the daily fees earned by miners equals 2,442 BTC. This means that instead of just over $19,000 in fees, bitcoin miners earned over $56,000 in fees on Tuesday. This is useful for miners since BTC spot prices have been less in the last 24 hours, and the cost of producing BTC has been older Statistics for February 7 indicate the cost of production BTCaccording macromicro.me graphicsis around $24,260, while BTCWednesday’s cash value is just under $23,000.
What impact will increasing Bitcoin network fees have on the future of the network? Share your thoughts in the comments below.
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