Bitcoin network fees jump nearly 200% in three days

Since October 25, the average transaction fee in the Bitcoin network has risen from $3.52 to $10.24. The current momentum comes as BTC approaches $13,800.

Data: Blockchain.com.

According to blockchain analytics site Bitinfocharts.com, the maximum transaction fee in the Bitcoin network peaked in December 2017 at $55. As a result of the latest spike, the cost of processing transactions reached its highest in more than two years.

The share of fees in Bitcoin miners’ revenue reached 22.25%. This is the highest level since January 2018, notes the analytics company Glassnode.

The percentage of #Bitcoin miner revenue from fees increased to 22.25% in the past hour (24h MA).

It is the highest observed value since January 2018.

Live chart: https://t.co/hcl2opVV0B pic.twitter.com/0gTFWcbVed

— glassnode (@glassnode) October 27, 2020

With rising fees, the number of unconfirmed transactions in the mempool reached 2017-era levels.

Data: Blockchain.com.

Meanwhile, the average Ethereum fee remains at its lowest levels since the August DeFi boom — $1.28. At the start of September this figure had reached $14.58.

Data: Bitinfocharts.com.

According to Messari, miners earned $2.68 million in fees for Bitcoin over the last 24 hours (+74%), while Ethereum miners earned $1.27 million (-27%).

Data: Messari.

Earlier this year, during July, the average Bitcoin network transaction fee rose by 752% from $0.68 to $5.80. But just four days into August, the reading fell by 58%, slipping from $6.47 to $2.72.

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