Bitcoin Transaction Fees Surges 800% in One Month
Between April 11 and May 14, Bitcoin (BTC) transaction charges surged by over 1,250% to $5.16, from $0.38.
However, in the past four days, Bitcoin transaction charges have decreased by roughly 33% to $3.44.
Notably, since the day of blockreward halving i.e., May 11, Bitcoin transaction charges have increased by 36.5%.
The average fee for validating transactions on Bitcoin blockchain has increased by over 800% in a matter of one month, with May recording the highest transaction charges since July 2019.
Fees have increased by over 1/3rd from the day of halving, which caused a 105% jump in transaction costs in three days.
Even though fees touched their historic high levels in almost one year, current transaction charges are lower than 10% of peak rates charged in December 2017.
Notably, as Bitcoin neared its second halving event on July 9, 2016, fees surged 200% to approximately $0.24 (mid-June to late-July period), from $0.081 on May 1, 2016.
Bitcoin’s first-ever halving even took place on November 28, 2012. During that period (November 26-27), fees rose by 300% before falling back sharply to pre-halving levels within two days of a drop in block rewards.