Fun

Bitcoin Fees Fall 60% While Transaction Count Declines

News Feed - 2020-05-30 01:05:23

Bitcoin Fees Fall 60% While Transaction Count Declines


Bitcoin (BTC) average transaction fees dropped by nearly 60% in the last week, as the number of transactions queuing up to be processed on the network eased.


According to data from Bitinfocharts, the cost of making a transaction over the Bitcoin blockchain fell to around $2.61 on May 28, down from just over $6.28 six days earlier.


As a percentage of revenue for BTC miners, fees have also declined to just under 10% from 21% on May 20.


Transaction costs had soared over 220% since the May 11 scheduled bitcoin supply cut, capping off a rally that began two weeks prior to the event.


The sharp fall in fees is thanks to transaction activity getting back to normal, helping to decongest the network, as represented by the Bitcoin memory pool, called mempool. The memory pool consists of all transactions waiting to be confirmed by the Bitcoin network.


Data shows that the number of unconfirmed transactions in the mempool has dropped by more than 70% over the last seven days, causing fees to decline.


A higher number of transactions waiting to be confirmed in the mempool causes the opposite effect on transaction costs, as was the case during and immediately after the halving.


Then, demand for processing transactions on the BTC network outstripped the supply of miners, forcing fees higher as people paid more for faster settlements.


Fees are also determined by other factors as such the size of the transaction, mining difficulty as well as the actual number of transactions passing through the network – all of which have continued to decline.


As per the Bitinfocharts figures, the overall number of Bitcoin transactions fell by 49% during the week to May 28, down to about 151,000 from 298,000 transactions previously.


What do you think about falling Bitcoin transaction fees? Let us know in the comments section below.Bitcoin Risks Turning Bearish Due to Declining Market Health, Says GlassnodeMARKETS AND PRICES | 3 days agoBitcoin Price Touches $10K Amid 2020"s Macroeconomic Storm and Covid-19 FearsMARKETS AND PRICES | May 7, 2020Tags in this storyBitcoin mempool, Bitcoin network, Bitcoin third halving, Bitcoin transaction fees, Bitinfocharts, Mining Difficulty


Image Credits: Shutterstock, Pixabay, Wiki CommonsUse Bitcoin and Bitcoin Cash to play online casino games here.Show comments

News Feed

XRP Confirms Head And Shoulders Breakdown: How Low Can It Go?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Analysts come unglued ahead of Nvidia earnings call — $10T within 5 years
Tristan Greene5 hours agoAnalysts come unglued ahead of Nvidia earnings call — $10T within 5 yearsThe Sept. 28 earnings report is being called the most important event of the year for the stock market.4049 Total views4
‘Solana Season Is About To Return’ As Price Turns Key Resistance Into Support – Analyst
Este artículo también está disponible en español. Solana has captured the spotlight this week with its volatile price action, demonstrating resilience amidst market uncer
Tom Mitchelhill3 hours agoMysterious Bitcoin wallet becomes 3rd largest BTC holder in 3 monthsAn unknown wallet has accrued more than $3 billion worth of Bitcoin in the last three months, sparking a wave of theories abou
Marcel Pechman39 minutes agoBitcoin blasts past its 2021 all-time high in Argentina, but hyperinflation outpaces gainsBitcoin’s 150% gains over the last two years in Argentine pesos is no match for the country’s 300%
Bitcoin ETFs set for ‘even bigger wave’ in next few months: Bitwise
Brayden Lindrea8 hours agoBitcoin ETFs set for ‘even bigger wave’ in next few months: BitwiseBitwise’s CIO Matt Hougan’s comments come as Bank of America’s Merrill Lynch and Wells Fargo reportedly started offer
Ezra Reguerra13 hours agoLufthansa airline launches NFT loyalty program on PolygonAirline passengers can collect NFTs and then get rewards, such as flight upgrades or airport lounge access, after completing NFT sets.3902
Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta Says
Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta Says The digital euro should be an attractive means of payment but its design should prevent it from
The Future of Nightlife Is Here: Bitcoin of America Adds Bitcoin ATM to Joy District Chicago
The Future of Nightlife Is Here: Bitcoin of America Adds Bitcoin ATM to Joy District Chicago press release PRESS RELEASE. Popular Bitcoin ATM operator, Bitcoin of America, has annou
Altcoin Season Trending – LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h
Altcoin Season Trending - LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h The last few days have shown bullish price activity across the list of top cryptocurrency markets. There&rs
Demand for Crypto Analytics Continues as Messari Raises $21 Million
Demand for Crypto Analytics Continues as Messari Raises $21 Million The crypto analytics and market intelligence company Messari revealed on Thursday the firm ha
BlackRock has ‘no commercial relationship’ with Hedera, HBAR sinks 32%
Brayden Lindrea6 hours agoBlackRock has ‘no commercial relationship’ with Hedera, HBAR sinks 32%A BlackRock spokesperson confirmed the firm wasn’t directly involved in Archax and Ownera’s decision to tokenize sha