Skip to main content

Bitcoins Average Transfer Fee Surged 92% in 4 Days With More Than 330000 Unconfirmed Transactions in the Backlog

Bitcoin's Average Transfer Fee Surged 92% in 4 Days With More Than 330,000 Unconfirmed Transactions in the Backlog

With 13.15 million ordinal inscriptions on the Bitcoin blockchain, demand has continued to keep network transfer fees high, as the average fee to transact onchain is 0.00012 BTC or $3.54 per transaction. Moreover, since June 18, 2023, average fees on the Bitcoin blockchain have increased by more than 92%, rising from $1.84 to the current transfer cost.

Bitcoin Fees Rise While Backlog of Unconfirmed Transfers Remain

Bitcoin fees have increased by 92% over the past four days, as reported by bitinfocharts.com on June 22, 2023. According to data from bitinfocharts.com, average fees have remained above the $1 threshold since April 23, approximately 60 days ago. On May 8, the average fee reached a 2023 high of $31 per transaction. The surge in fees can be attributed to frequent financial transfers broadcasted across the chain and the influx of Ordinal inscriptions, which have resulted in an increased transfer count.

Median-sized transfer fees have also risen, and as of press time, bitinfocharts.com data shows that the median fee on-chain on June 22, 2023, is 0.000053 BTC or $1.60 per transfer. This follows a low of $0.694 per transaction recorded on June 18, indicating a surge of more than 130% in median-sized fees within four days. Furthermore, archived statistics from mempool.space indicates that there’s approximately 339,936 unconfirmed transactions as of 1:01 p.m. (ET) on Thursday afternoon.

Meanwhile, according to mempool.space data, the current high-priority network transfer fee on-chain is $1.59 per transaction, while a medium priority fee is $1.17, a low priority fee is $0.92, and the no-priority fee stands at $0.50. Furthermore, archived metrics from June 19, 2023, reveal that in a span of three days, the capacity on the Lightning Network increased from 5,408.88 BTC to the current 5,427.05 BTC, representing a growth of 0.33%.

What are your thoughts on the rising Bitcoin network transfer fees and the number of unconfirmed transactions? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://news.bitcoin.com/bitcoins-average-transfer-fee-surged-92-in-4-days-with-more-than-330000-unconfirmed-transactions-in-the-backlog/
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more