March 29, 2024

Bitcoin fees plummet 58% in four days

Average transaction costs for transfers of the main digital coin decreased from $6.47 to $2.72. In December 2017this figure was at its maximum and reached $ 55.

Bitcoin network fees drop 58%in four days, from a two-month high of $ 6.47 to $ 2.72. This happened against the backdrop of almost complete disposal of the cryptocurrency mempool from pending transactions, writes CoinDesk. On July 28, the number of unconfirmed transfers exceeded the 2.5-month high of 56,648 with a total block size of 53.5 MB and has been declining since then.

On Sunday, August 9, the mempool was3656 unconfirmed transactions, the lowest since July 12, with a total block size of 9.9 MB. With a sharp increase in activity, the mempool becomes full, which increases the time for transfers in the bitcoin network. This is because miners can only verify 1MB of transactions for each mined block every 10 minutes.

Miners set priority when overloadedfor transactions with higher fees. This forces users to pay more to make their transfers go faster. Therefore, commissions, as a rule, directly depend on the fullness of the mempool. In December 2017, when bitcoin peaked at $ 20,000, network fees were as high as $ 55.

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