COMMISSION FOR BTC TRANSACTIONS INCREASED BY 420% PER MONTH

Posted 11 August, 2020

As shown by Bitinfocharts data , the average Bitcoin transaction fee increased from July 11 to August 10 by 420% - from $ 0.99 to $ 5.15. 

 

The commission fell to $ 2.73 on August 9, but was followed by a sharp jump to $ 5.158 on August 10. 

 

At the same time, the highest commission in the last 3 months was noted on May 20 - 9 days after the third bitcoin halving. Then sending a transaction through the blockchain cost the network users $ 6,647. 

 

As a reminder, the commission is paid every time a BTC transaction is processed and confirmed by the miner, who assigns the commission as income in addition to the block reward. 

 

This increase in fees for sending transactions is due to the growing demand for these actions on the Bitcoin network, which in itself is associated with the result of rising prices for the leading crypto asset. In addition, fees also depend on the size of the transaction and the difficulty of mining. 

 

For several weeks, Bitcoin traded at a level below $ 10,000, and then sharply soared to almost an annual high of $ 12,000. Analysts regard such a recovery in cryptocurrency as the basis for sustainable growth and advancement to a price of $ 28,000 by the end of the year. 

 

What other cryptocurrencies have 

 

The performance of other digital assets is much more modest. Transactions processed through the blockchain in Bitcoin Cash (BCH), Dash, and Ethereum (ETH) are significantly cheaper. 

 

For example, Bitinfocharts shows that BCH transaction fees averaged just $ 0.0074 on Aug 10, down 21% from $ 0.009 three days earlier. A month ago, online transactions were valued at $ 0.0044. 

 

In the case of Dash, each transaction was valued at $ 0.0038 on Aug 10. A month ago, this figure was $ 0.0023, however, during the month it fluctuated significantly, soaring even to $ 0.0067 on July 19. However, as we can see, in general, these figures still look rather modest. 

 

Ethereum, the second largest cryptocurrency by market capitalization, is showing an upward trend as investors invest in the asset in anticipation of a network update called Ethereum 2.0. The average ETH fee rose 380% from $ 0.595 on July 10 to $ 2.859 on August 10.

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