Alexander Savenkov With an impressive count of 13.15 million recorded transactions on the Bitcoin blockchain, the demand for network transfers has persistently driven up fees. Presently, the average fee for on-chain transactions stands at 0.00012 BTC or $3.54 per transaction. Notably, in a short span since June 18, 2023, these average fees have skyrocketed by more than 92%, surpassing the previous transfer costs.
Mounting Bitcoin Fees Coincide with a Backlog of Unconfirmed Transfers
According to a recent report by bitinfocharts.com on June 22, 2023, Bitcoin fees have experienced a remarkable surge of 92% over the past four days. It is worth mentioning that average fees have consistently remained above the $1 mark for the past 60 days, starting from April 23. On May 8, the average fee reached an all-time high of $31 per transaction in 2023. This surge in fees can be attributed to a significant increase in financial transactions broadcasted across the chain and the influx of recorded transactions, resulting in an escalated transfer count.
As per the latest data from bitinfocharts.com on June 22, 2023, even median-sized transfer fees have witnessed a surge. Currently, the median fee for on-chain transactions stands at 0.000053 BTC or $1.60 per transfer. This marks a substantial increase of over 130% within a mere four-day period since the recorded low of $0.694 per transaction on June 18. Furthermore, archived statistics from mempool.space indicate a backlog of approximately 339,936 unconfirmed transactions as of 1:01 p.m. (ET) on Thursday afternoon.
Moreover, mempool.space data reveals that the prevailing high-priority network transfer fee for on-chain transactions is $1.59 per transaction, while medium priority commands a fee of $1.17, low priority requires $0.92, and no priority incurs a fee of $0.50. Additionally, data from June 19, 2023, indicates that the Lightning Network’s capacity witnessed a growth of 0.33% within a span of three days, increasing from 5,408.88 BTC to the current 5,427.05 BTC.
We invite you to share your thoughts and opinions on the escalating Bitcoin network transfer fees and the mounting number of unconfirmed transactions in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin fees
What caused the surge in Bitcoin network transfer fees?
The surge in Bitcoin network transfer fees can be attributed to a combination of factors. Firstly, the high demand for network transfers has increased the fees. Additionally, the influx of transactions and the growing number of recorded transactions have contributed to the rise in fees.
How much have Bitcoin fees increased in the past four days?
Bitcoin fees have increased by more than 92% in just four days. This significant increase has resulted in higher transaction costs for users transacting on the Bitcoin blockchain.
What is the current backlog of unconfirmed transactions?
As of the latest data, there is a backlog of approximately 330,000 unconfirmed transactions. These pending transactions contribute to network congestion and can lead to delays in transaction confirmations.
What are the average and median fees for on-chain Bitcoin transactions?
The average fee for on-chain Bitcoin transactions is 0.00012 BTC or $3.54 per transaction. The median fee, on the other hand, stands at 0.000053 BTC or $1.60 per transfer. These fees have experienced significant fluctuations in recent days.
Are there different priority levels for network transfer fees?
Yes, there are different priority levels for network transfer fees. The high-priority fee is $1.59 per transaction, while the medium priority fee is $1.17. Low priority incurs a fee of $0.92, and there is a no-priority fee of $0.50 per transaction.
Is there any progress in scaling solutions like the Lightning Network?
Yes, there has been some progress in scaling solutions like the Lightning Network. In a span of three days, the Lightning Network’s capacity increased by 0.33%, demonstrating a slight growth in its capabilities to handle Bitcoin transactions more efficiently.
More about Bitcoin fees
- Bitcoin Average Transaction Fee (bitinfocharts.com)
- Bitcoin Blockchain Transaction Statistics (mempool.space)
