Fun

Bitcoin’s Average and Median-Sized Network Fees Rose 40% Higher in March

News Feed - 2023-04-01 05:04:49

Bitcoin"s Average and Median-Sized Network Fees Rose 40% Higher in March


In March 2023, Bitcoin’s average and median-sized fees jumped more than 40% higher after rising 122% in 10 days during the first week of February. The fees have followed the Ordinal inscription trend as more than 662,000 inscriptions reside on the Bitcoin blockchain, and 150 bitcoin worth $4.2 million have been added to fees. Bitcoin Fees Surge in March, More Than 50,000 Unconfirmed Transactions in the Mempool


As of 2:30 p.m. (ET) on March 31, 2023, according to statistics from mempool.space, there are roughly 54,000 unconfirmed Bitcoin transactions. Bitcoin fees and wait times have increased in March following the network fee increase that occurred during the first week of February.


At that time, due to the demand stemming from Ordinal inscription transactions, fees rose 122% in 10 days. With BTC’s price significantly higher and the Ordinal inscription trend still in full swing, average and median-sized transfer fees have risen since February 8, 2023. On Friday, March 31, 2023, the lowest fee is 6 satoshis per byte, or $0.24. Low priority is 36 sat/vB or $1.43, medium priority is 41 sat/vB or $1.63, and high priority transaction is 44 sat/vB or $1.75 per transaction, according to mempool.space. Data from bitinfocharts.com shows that the average BTC fee on Friday is $2.40 per transfer, and the median fee is around $0.98 per transaction.


According to data from bitinfocharts.com, on Friday afternoon (ET), the average BTC transaction fee cost 0.000084 BTC or $2.40 per transaction. On February 8, 2023, the average fee was $1.704 per transfer, or 41.17% lower than today’s average BTC fee.


BTC’s median-sized fee rose 42.02% from $0.69 to $0.98 per transaction during the same time frame. Average fees spiked to $4.24 per transaction on March 24, and on the same day, median-sized fees hit $1.37 per transfer.


As of writing, there are more than 662,000 Bitcoin-based Ordinal inscriptions, and some of the fee rise has been attributed to the inscription trend. Presently, 150.2457 BTC in fees has been collected for Ordinal inscriptions.


While BTC fees have been higher, they are still lower than the average and median-sized fees settled on the Ethereum (ETH) network. Currently, the average ETH transaction fee is 0.003 ETH or $5.43 per transfer, and the median-sized ether fee today is 0.0014 ETH or $2.54 per transaction.


While average and median BTC fees range between $0.98 to $2.40 per transaction, some fee payments, at 6 satoshis per byte or $0.24 per transaction, have been making it past the transaction queue.


While block intervals were faster than the ten-minute average prior to the last difficulty change, with an average of nine minutes and 33 seconds during the last 2,016 blocks, they are currently ranging between nine minutes and 50 seconds to ten minutes and 21 seconds. Tags in this story 150 bitcoin, Average, average BTC fee, Bitcoin, Bitcoin Transactions, block interval, Block time, Blockchain, BTC, BTC fee, BTC fees, Crypto investors, Cryptocurrency, cryptocurrency adoption, cryptocurrency market, decentralized finance, Digital Assets, ETH, Ethereum, Fees, median, median BTC fee, Median-Sized, Mempool, Network Congestion, Network Fees, Onchain fee, onchain fees, Ordinal Inscription, Ordinal inscriptions, satoshis, Transaction Fees


What do you think the future holds for Bitcoin fees? Let us know your thoughts in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Tech Industry Leaders Call for AI Labs to Pause Development for Safety, Coinbase CEO Disagrees NEWS | 1 hour ago Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions NEWS | 12 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article‘Panic of 2023’: James Corbett Explains How Bank Crisis Could Lead to CBDC ‘Nightmare of Total Monetary Control’ Next articleTech Industry Leaders Call for AI Labs to Pause Development for Safety, Coinbase CEO Disagrees Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

HyperCapital Announces Exciting Plans To Build The World’s Strongest Blockchain Community Alliance and Ecosystem
TwitterFacebookLinkedInReddit HyperCapital Hong Kong Community Meetup Event Hyper Capital announced the formal recru
Singapore flags digital payment tokens as high-risk in AML landscape
Amaka Nwaokocha3 hours agoSingapore flags digital payment tokens as high-risk in AML landscapeSingapore said digital payment token service providers, also known as virtual asset service providers, stand out as a high-ris
Russian State Duma Adopts Law Banning Payments With Digital Financial Assets
Russian State Duma Adopts Law Banning Payments With Digital Financial Assets The lower house of Russian parliament has adopted a law prohibiting the use of digital financial assets
Crypto losses to deep fakes could reach $25B in 2024 — Bitget
Felix Ng59 minutes agoCrypto losses to deep fakes could reach $25B in 2024 — BitgetCriminals are using deep fakes more than ever, causing $79.1 billion in losses since 2022.291 Total views2 Total sharesListen to articl
Crypto4Winners Looks to Offer a Unique Trading Platform With a Wide Range of Useful Features
Crypto4Winners Looks to Offer a Unique Trading Platform With a Wide Range of Useful Features press release PRESS RELEASE. Crypto4Winners(C4W) strives to actively manage customers&#x
Crypto advocates file brief against SEC's investor tracking database
Derek Andersen3 hours agoCrypto advocates file brief against SEC"s investor tracking databaseThe Consolidated Audit Trail would gather a monumental amount of data, and more than it is meant to when it exposes the identit
Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders
Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders The parent company of Silicon Valley Bank, SVB Financial Group, and two senior exec
TimeCoin’s Special Token Sale
TimeCoin"s Special Token Sale press release PRESS RELEASE. The Special Token Saleof TimeCoin (TMCN) will be launched on February 15th with a 93% discount on the t
FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange
FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange FTX debtors revealed during a hearing on April 12th that the restructuring team has co
Fractal ID postmortem ties breach to 2022 password hack
Amaka Nwaokocha1 hour agoFractal ID postmortem ties breach to 2022 password hackThis breach highlights the ongoing challenges in maintaining data security, especially in today’s centralized storage systems.505 Total vi
Starkware Plans to Open Source Key Tech Linked to Starknet Prover
Starkware Plans to Open Source Key Tech Linked to Starknet Prover At the Starkware Sessions 2023 event, held at the Cameri Theatre in Tel Aviv, Israel, Starkware co-founder Eli Ben
US Law Enforcement Directs Paxos to Freeze More Than 11,000 PAXG Tokenized Gold Coins
US Law Enforcement Directs Paxos to Freeze More Than 11,000 PAXG Tokenized Gold Coins According to the blockchain infrastructure company Paxos, the firm has frozen 11,184.38 pax go