Bitcoin transaction fees have tripled since the beginning of the week

Bitcoin transaction fees have tripled since the beginning of the week

Bitcoin transaction fees have tripled since the beginning of the week

According to Blockchain.info data, over the past three days, the commission on the Bitcoin network has risen by 191% from $ 3.52 to $ 10.25..

Previously, BTC transaction fees exceeded $ 10 only during the crypto boom period from November 2017 to January 2018. The current growth is also due to the positive dynamics in the cryptocurrency market and the interest of investors.

The increase in the level of fees negatively affects users and makes small transactions unprofitable, but miners derive additional benefit from this. According to Glassnode, currently commissioned at 22.3% of their revenue, the highest since 2018.

Now, the total daily earnings of bitcoin miners for processing transactions are again higher than their counterparts on the Ethereum network. As ETH transaction fees continue to decline gradually after the September jump to $ 16 amid the hype around decentralized finance protocols.

text: Ivan Malichenko, photo: Shutterstock, graphics: Blockchain.info, Glassnode