Transaction Fees Soar on Bitcoin Network as Network Braces for Halving
The cost of sending bitcoin (BTC) onchain is climbing, with the halving expected after another 229 blocks are mined. As of April 18, 2024, approximately 164,000 transactions or 220 blocks worth of transfers are pending confirmation. There has been an increase in transaction activity since April 4, and from April 7 onward, there have consistently been more than 450,000 confirmed transactions per day for the past 11 days. In a similar trend, the rise in transfer fees began 11 days ago, climbing from $2.86 per average transaction to $9.09 per transaction three days later.
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