1 year ago
On Thursday, November 16, 2023, Bitcoin saw its mean transaction fees highest astatine $18.69 per transfer, marking a precocious of 0.00051 BTC. This surge represented the second-largest summation successful 2023. However, the pursuing time saw a simplification successful onchain fees. Despite this, arsenic of 8:13 a.m. Eastern Time, determination was a sizeable backlog of astir 239,862 unconfirmed transactions.
Onchain Fees connected Bitcoin Network Soar, Reaching Near-Record Heights
On the aforesaid day, information from bitinfocharts.com and ycharts.com revealed that the Bitcoin network’s mean transaction interest was $18.69. The median fee besides escalated to 0.00032 BTC oregon $11.61 per transfer.
This summation successful transactional enactment tin beryllium attributed to the renewed involvement successful Ordinal inscriptions, a trend that persists. According to November 17 statistics from mempool.space, a high-priority BTC transaction incurs a interest of $4.61, portion a no-priority transaction costs astir $1.64.
The mempool is presently dealing with a backlog of 239,862 pending transactions, awaiting miner confirmation. Clearing this congestion requires miners to process 288 blocks oregon 588 megabytes (MB) of artifact space.
Data from 2 chiseled sources suggest that Bitcoin’s mean artifact clip oscillates betwixt 9 and 10.1 minutes. Notably, the mean interest connected November 16 is the year’s second-highest, trailing lone down May 8, 2023, erstwhile fees averaged astir $31 per transaction that day.
Moreover, connected November 9, 2023, the mean interest roseate to $15.86 per transfer, marking the third-highest spike since May’s all-time high. Bitcoin’s highest interest run-up earlier the May 2023 spike was a precocious of $62 per transportation 940 days agone connected April 21, 2021.
What bash you deliberation astir Bitcoin’s web fees connected the emergence again? Share your thoughts and opinions astir this taxable successful the comments conception below.
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