- Bitcoin’s transaction fees surpass Ethereum’s for first time in three months.
- Bitcoin’s daily transaction fees surge over 700% annually, 1000% monthly.
- Miners see increased fees as significant income amid low-profit year.
Over the recent weeks, Bitcoin has attracted notice in the cryptocurrency arena due to expectations of a forthcoming approval for a Bitcoin Exchange Traded Fund (ETF). Bitcoin’s upward trend and its ability to maintain a value exceeding the significant $35,000 mark have strengthened the optimistic outlook of analysts on the digital currency. Meanwhile, an unexpected shift in its daily transaction fees has been the subject of news reports.
On November 16, 2023, Bitcoin
Bitcoin’s transaction fee, which has decreased from the previous day’s high, is approximately $8.85 million, surpassing the fees from Ethereum’s daily transactions, which are significantly lower at $6.87 million.
Beginning on November 1, there has been a marked upward trend in the daily transaction fees for Bitcoin. It is important to note that the recent increase in Bitcoin’s transaction fee represents an annual rise of over 700% and a monthly rise of 1000%.
The significant increase in the transaction fee for Bitcoin happened during a critical period when miners expressed grievances about 2023 being among the least lucrative years for them. Moreover, with the anticipated Bitcoin Halving event, scheduled to occur in the first quarter of 2023, set to decrease the block reward from 6.25 BTC to 3.125 BTC, the fee rise indicates a favorable trend.
As the transaction fee rises, miners can depend on it to some extent for a significant part of their income, which could represent 20%-30% of the block reward.
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