Bitcoin network fees fall below $8 as mempool clears

After the recent record surge, Bitcoin network transaction fees fell to below $8. A congested mempool had almost cleared just a few days earlier.

A record drop in transaction fees over the past weeks was observed on Sunday, 8 November, when the metric stood at $5.98. In the following two days, the cost of transactions rose slightly—to $7.82 on Tuesday, 10 November.

Source: Glassnode.

The number of unconfirmed transactions fell — at the time of writing there were just under 6,000.

Source: Blockchain.com.

The mempool size declined to 2.75 MB.

Source: Blockchain.com.

Earlier on Monday, 9 November, the Bitcoin network’s hash rate rose by 46% – from 112.6 EH/s to 164.5 EH/s.

As of writing, this figure, according to data from Coinwarz, had fallen to 120.6 EH/s.

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