Bitcoin’s Average Transfer Fees Experience Sharp Increase: 122% Rise in 10 Days

Bitcoin’s Average Transfer Fees Experience Sharp Increase: 122% Rise in 10 Days

Statistics show transfer fees on the Bitcoin network have increased 122% since the end of last month, as the average transaction fee has climbed from $0.767 to $1.704 per transaction. The rise in onchain fees coincides with the new Ordinals digital collectible trend on the network, with the number of inscriptions nearing 20,000. Rising Transaction Fees Help Bitcoin Miners Reap Increased Revenue Despite Falling Spot Prices

Bitcoin network fees, or the average cost to transfer BTC, rose 122% during the first week of Feb. 2023. Statistics from bitinfocharts.com and ycharts.com show the average transaction on Feb. 7, 2023, was around 0.000075 BTC or $1.70 per transfer. Onchain fees on Jan. 29, ten days prior, were roughly $0.767, according to the statistics. Users generally pay lower fees than the average, and the median-sized onchain transfer using the Bitcoin network at that time was around $0.167 per transfer. As of Feb. 7, median-sized fees have increased 316% to $0.696 per transfer. Bitcoin’s average transaction fee has risen 122% since Jan. 29, 2023, or over the last ten days. Fee statistics from this article derive from data recorded on Tuesday, Feb. 7, 2023, specifically for average and median-sized onchain fees, and bitcoin’s current cost of production.

The number of unconfirmed transactions in the mempool has been between 7,500 and 25,000 over the past 24 hours. While average and median-sized onchain fees have risen to values between $0.69 and $1.70 per transfer, some users are paying around four satoshis per byte, or approximately $0.13 using current BTC exchange rates. The rise in fees coincides with the demand for Ordinals, which has pushed onchain inscriptions to 18,731 as of 1:15 p.m. Eastern Time. Bitcoin (BTC) miners are also seeing increased revenue from the fees.

On January 29, bitcoin miners earned 0.83 BTC from fees alone, and ten days later, on February 7, daily fees earned by miners equated to 2.442 BTC. This means that instead of just over $19,000 in fees, bitcoin miners earned over $56,000 from fees on Tuesday. This is helpful for miners as BTC spot prices have been lower in the last 24 hours, and the cost of producing BTC has been higher. Statistics for Feb. 7 indicate the cost of producing BTC, according to macromicro.me charts, is around $24,260, while BTC’s spot value on Wednesday is just under $23,000. Tags in this story Average Fees, average transaction fee, Bitcoin, Bitcoin Miners, BTC, BTC exchange rates, BTC NFTs, cost, Cost of Production, Demand, Digital Collectible, Eastern Time, FEE, inscriptions, macromicro.me charts, median-sized on-chain transfer, Mempool, miner, Network Fees, NFTs, on-chain fees, on-chain inscriptions, ordinals, production, Production Cost, revenue, Sat per byte, Spot Prices, spot value, Statistics, Transaction, transfer, Transfer Fees, Unconfirmed Transactions

What impact will the rise in Bitcoin network fees have on the future of the network? Share your thoughts in the comments below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. 3AC Co-Founder Kyle Davies Fails to Respond to Liquidators" Subpoena Despite Twitter Delivery NEWS | 5 hours ago North Korea Stole Record Amount of Crypto Assets in 2022, UN Report Unveils NEWS | 18 hours ago

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