NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Bitcoin transaction fees drop as miner revenue surpasses October

EditorAmbhini Aishwarya
Published 11/27/2023, 01:12 AM
© Reuters.
BTC/USD
-

The recent weeks have seen a significant shift in the Bitcoin network's dynamics, with transaction fees experiencing a notable decrease while miner revenue for November outstripped that of the previous month.

On Thursday, data analysis revealed that the average cost of Bitcoin transaction fees had fallen to $5.89, with the median fee at $2.86. This marked a substantial drop from the fees earlier in the month, which had risen above $18 per transaction. Despite the lower fees, blockchain usage remained robust, with around 347,791 inscriptions processed on that day.

The network's activity had surged around Saturday last week, with a record-breaking number of over 475,000 transactions indicating strong engagement. This high level of usage continued throughout the week, consistently exceeding 300,000 daily transactions.

On Friday, a backlog in the mempool resulted in approximately 269 blocks worth of unconfirmed transactions, highlighting the network's congestion issues. Despite this, miners had a profitable month with total earnings reaching $945 million in November, surpassing October's total of $880 million. Fee revenue alone was nearing the peak seen in May, with miners earning over $124 million.

Transaction costs varied based on priority levels. High-priority transactions were priced at about $2.38, while those with no priority came in at an estimated cost of $1.17 per transfer.

This financial landscape for Bitcoin reflects a vibrant ecosystem where network usage and miner profitability can fluctuate significantly but also demonstrates the network's capacity to handle large volumes of transactions efficiently.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.