Average Bitcoin Transaction Fees Skyrocket to $19.20 per Transfer as Over 440,000 Transactions Remain Unconfirmed

Bitcoin transaction fees person surged importantly successful the past 24 hours, with the mean interest reaching $19.20 per transfer. The summation successful fees tin beryllium linked to a backlog of transactions trapped successful the mempool, arsenic implicit 440,000 unconfirmed transactions are presently awaiting confirmation.

Block Reward Dethroned: Bitcoin Transaction Fees Surpass Mining Subsidy for the First Time Since 2017

On Sunday, May 7, 2023, bitcoin transaction fees exceeded the artifact reward for the archetypal clip since December 2017 astatine artifact tallness 788,695. Subsequent artifact heights 788,700 and 788,702 besides witnessed fees surpassing the subsidy.

At present, implicit 440,000 bitcoin transactions are pending confirmation with 193 blocks near to excavation for clearing them all. Fees soared past the $25 people per transaction connected Sunday, and existent information displays an mean interest of 0.00069 BTC oregon $19.20 per transaction.

According to bitinfocharts.com data, the median-sized interest is 0.0004 BTC oregon $11.05 per transfer. High-priority transactions are paying upwards of $22.90 per transaction and individuals are paying $19.95 for medium-priority transactions.

Block intervals oregon mining times person been exceeding the ten-minute mean lately. The astir caller artifact clip was astir 10 minutes and 34 seconds. Slower artifact times whitethorn effect successful different diminution successful trouble — an estimated driblet of around 5.3% is anticipated to hap connected May 18, 2023.

The mean hashrate implicit the past 2,016 blocks is astir 338 exahash per 2nd (EH/s). The network’s hashrate has dipped beneath the 300 EH/s scope connected immoderate instances and is presently moving astatine 385 EH/s astatine the clip of writing.

What interaction bash you deliberation the surge successful bitcoin transaction fees and the backlog of unconfirmed transactions volition person connected the aboriginal of cryptocurrency adoption and scalability? Share your thoughts successful the comments conception below.