Bitcoin experienced a sharp increase in average transfer fees: 122% increase in 10 days
When we look at the data, we find that during the first week of February 2023, the bitcoin network fee or the average cost of transferring bitcoins had increased by 122%. According to the data, 10 days ago on January 29 the on chain fee was around $0.767. Users generally paid a lower-than-average fee, and at the time the average size or cost of a transfer using the bitcoin network on chain transfers was shown to be approximately $0.167 per transfer. Certainly as of February 7th, this average size fee has increased by 316% to $0.696 per transfer with the number of unconfirmed transactions in the memepool ranging from 7500 to 25000 over the past 24 hours and meanwhile We can see that the average size on chain fees are received increasing to a value of between $0.69 and $1.70 per transfer, with some users showing payments of around four satoshis per byte, or about $0.13 when using the current bitcoin exchange rate and the increase in fees is in line with the demand for ordinals we see, which has pushed on-chain inscriptions to 18,731 as of 1:15 PM Eastern Time. Bitcoin (BTC) miners are also seeing an increase in their revenue fees and on January 29th bitcoin miners earn 0.83 BTC from fees alone and after 10 days on February 7th the daily earnings by miners The size of the fee becomes equal to 2442 bitcoins. This means that on Tuesday bitcoin miners earned over $56,000 instead of over $19,000 in fees and this has certainly been a boon for miners as the price of bitcoin has been where it has been over the past 24 hours and The cost of production of bitcoin has been high. Figures from February 7 show that the cost of production for bitcoin appears to be around $24,260 according to macromicro.me charts, while Wednesday’s spot price of BTC is displayed at less than $23,000.