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Bitcoin transaction fees have shown a significant increase



After halving, there was a increase significant in rates in bitcoin transactions.

Actually, the increase had already started a few days earlier, on April 29 to be precise, as the average had always been less than $ 1 per transaction in the previous days, while the 29th increased to $ 1.28.

Since then, it has continued to grow, reaching almost $ 3 on April 30 and almost $ 3.2 on May 8.

The highest peak of the average daily rate per transaction increased to $ 5.16 on May 14, and then fell to between $ 3.5 and 4.

This increase is surely due to the reduction to halving, considering that after May 11 there was a significant increase in block time due to a reduction in hashrate not yet followed by a reduction in difficulty.

In the next few days, there will be a reduction in difficulty, which should bring the block time back to around 10 minutes, in order to increase the number of mined blocks every day, and thus the number of validated transactions.

As the number of validated transactions increases, the rates may drop again.

It is worth noting that during the halving period, the number of daily validated transactions ranged from 300,000 to 350,000, while on May 13 this figure began to drop to a low of 233,000 on May 17.

The fewer transactions that can be validated, the more fees must be paid to ensure that transactions are selected from the queue of those pending validation.

However, it should also be said that the peak in rates these days is very similar to what happened between late May and early June last year, which in turn was followed by an even higher peak in late June. when the price rose above $ 12,500 and the fees exceeded $ 6.5.

So this is not an anomaly, but an absolutely recurring dynamic, due to an increase in attention and interest in Bitcoin and that occurs particularly every time the price increases a lot.

For example, even in June and August 2017 the current peaks were reached and exceeded, while even in December of the same year there was a much higher one.

In other words, current peak may spontaneously fade as soon as the difficulty is reduced.


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