Bitcoin’s Hash Price Soars as Average Network Fees Spike by 288%

In the last 11 days, average transaction fees on the Bitcoin network have seen a significant uptick, jumping 288% according to Bitinfocharts.com. The site shows that the average transaction fee is now 65.8 satoshis per virtual byte (sats/vB) or 0.00018 BTC, which amounts to $11.64 for each transaction.

A transaction with a median fee will incur a cost of 0.000091 BTC ($6) or 33.9 sats/vB. During the 11 day period, the cost for a median-sized transaction has surged by 443.97%. Moreover, the volume of daily transactions has dipped since Feb. 12, not surpassing 425,000 transactions per day.

This pattern has enabled bitcoin miners to moderately manage the growing backlog of unconfirmed transactions, which currently sits at approximately 135,000 awaiting confirmation. At this moment, the mempool contains 231 blocks, taking up over 404 megabytes (MB) of data.

Transactions waiting in the mempool within these 240 blocks, excluding the waiting seven filling blocks paying higher fees, have paid between 1 to 13 satoshis per virtual byte (sats/vB).

The combination of rising BTC prices and onchain fees has boosted the profitability for bitcoin miners, with the daily earnings for one petahash per second (PH/s) of mining power escalating from $80 to beyond $100 since Feb. 25. Despite this increase, the hash price remains beneath its Dec. 17, 2023, 12-month peak of $133 per PH/s per day.

The escalating transaction fees and the sustained high price of bitcoin reflect the growing demand and the network’s strength despite its scalability challenges. This situation underscores the delicate balance between transaction costs, mining profitability, and network congestion.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。