After a short period of diminished onchain network fees, the expense of sending bitcoin has begun climbing once more, hitting a midweek average of 73.3 satoshis per virtual byte (sats/vB) or $11.48 for each transaction. Currently, a backlog of 207 mempool blocks is pending, waiting to process about 134,000 unconfirmed transactions, a situation that has […]
Category: Bitcoin Fees
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Riot Platforms Highlights Risks Associated With Upcoming Bitcoin Halving Event in Annual Report
In its latest annual report, Riot Platforms, the publicly-listed bitcoin mining firm, outlines several significant risks that could impact its operations, including troubles in the broader crypto economy, potential decreases in onchain transaction fees, and the anticipated bitcoin halving event in April 2024. The company emphasizes the halving event’s potential to reduce mining rewards as […]
Bitcoin Miners Face Adapt or Perish Scenario as Halving Approaches in Under 60 Days
Data indicates that we’re 96% through the journey to the next Bitcoin halving event, with under two months remaining until the reward for mining a block is reduced from 6.25 to 3.125 bitcoins. Although it’s still premature to pinpoint the precise date—given the average ten-minute interval between blocks—the event is anticipated to take place in […]
Bitcoin Network Faces Downturn in Transactions and Fees as Halving Approaches
The volume of daily transactions on the Bitcoin network has seen a significant decline since Jan. 28, 2024, with numbers falling from peaks above 600,000 to below 300,000 transactions per day. This downturn is in sync with a decrease in the daily creation of Ordinal inscriptions, overall easing congestion and reducing onchain fees. Network Activity […]
Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns
Bitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets.
RGB protocol may offer solution to Bitcoin’s Ordinals jam, claims proponent
The founder of Digital Bitcoin Art and Assets (DIBA) believes smart contracts on Bitcoin could solve the myriad problems created by Ordinals.
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Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized fees have slid below $4 per transaction. Moreover, layer two (L2) transaction fees have also […]
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Average Ethereum Gas Fee Jumps to $20 per Transfer, L2 Fees Follow Rise
While Ethereum network fees to transfer data dropped significantly in recent times, tapping a low of $5.98 per transaction in mid-March, gas fees are rising once again on the second-largest cryptocurrency network in terms of market valuation. On Sunday, April 3, the average transaction network fee is around 0.0056 ether or $19.58 per transfer. Ethereum […]
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Ethereum Fees Sink to Lowest Rate in 7 Months, Most L2 Fees Under $1 per Transfer
Ethereum fees have continued to slide week after week and are now at the lowest value in seven months. On Tuesday, March 8, the average layer one (L1) Ethereum gas fee is 0.0042 ether or $10.89 per transfer. At the same time, median-sized gas fees are much lower as well, hitting values not seen since […]
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Ethereum Network Fees Continue to Drop — Transfer Fees Hit Lowest Rate in 6 Months
It’s getting cheaper to send ethereum these days as the gas price to push a transaction is more than 80% less expensive than it was to transact with ether 48 days ago on January 10. On that day, Ethereum network fees were around $52 per transaction and today, the average transaction fee is $10.26 per […]
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