Saturday, May 21, 2022

What Causes the Sudden Rise in Bitcoin Transaction Fee?

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When the Bitcoin transaction fee started to rise, some users started to share on the subject. Several users on Reddit said that Bitcoin transaction fees started to skyrocket to the highest level seen since January 2018.

The increased Bitcoin transaction fee has caught the attention of some users. According to the analysis shared on Reddit, Bitcoin transaction fees are on the rise again, and with it, the number of unconfirmed transactions on the Bitcoin network has reached the highest level seen in the last 2 years.

How much was the Bitcoin transaction fee?
The BTC fee rose to $ 13.14, according to bitinfocharts data. This means an increase of 540% in total.

According to the news shared by Samyuktha Sriram from Ambcrypto, it is stated that transaction fees can increase as a result of the slowdown caused by unapproved transactions in the Bitcoin network. Statistics shared on Mempool on October 28 stated that unapproved transactions increased fees. Currently, the number of transactions pending approval on the network is 108,581K.

“Transaction fees will be costly if the rally in Bitcoin is about to begin,” Sriram commented. Also, it was stated that the shared data showed no abnormal increase in the number of daily transactions, while the large decrease seen in the hash rate was the possible reason for the increase.

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