Bitcoin transaction fees surged nearly 940% on Aug. 22, reflecting heightened network demand and pressure on users.
The average transaction fee of Bitcoin (BTC) surged 937.7% — from $0.74 to $7.679 — per transaction on Aug. 22, primarily driven by increased network demand.
Since July, the average transaction fees for Bitcoin have remained relatively stable, comfortably trending under the $2 mark. On Aug. 18, the fees reached historic lows of $0.558. While low costs make it more feasible for the general public to transfer Bitcoin, it may hurt miner’s revenue.
The Bitcoin network charges a fee on every BTC transfer to pay miners for authenticating transactions. However, the demand for network bandwidth directly impacts the fees required to send or receive BTC over the Bitcoin blockchain network.
