The average commission for processing transactions on the bitcoin network has tripled over the past three days and surpassed the $ 10 level, according to BitInfoCharts. The current dynamics is observed against the background of Bitcoin’s rise to annual highs above $ 13 800.
Bitcoin commissions exceeded $ 10 and reached levels of early 2018
The latest leap has brought Bitcoin fees to the highest level for more than two years. According to BitInfoCharts, the only period when transaction processing costs are for users bitcoin exceeded the current values, it was the end of 2017 – the beginning of 2018. Then the average commission rate rose to $ 55 per transaction, and bitcoin was trading at historic highs of about $ 20,000..
At the same time Glassnode reports that the share of commissions in revenue bitcoin miners reached 22.25%. This is the highest value since January 2018 years when the share of commissions rose to 45%.
In June, Ethereum miners’ earnings on commissions exceeded those on the Bitcoin network. This is a result of the dramatically increased activity in the decentralized finance (DeFi) space and the demand for stablecoin transactions. Ethereum value remained higher until very recently, reflecting the longest such period in the history of two cryptocurrencies.
However, the latest surge in interest in the bitcoin market has led to an excess of aggregate fees on the first cryptocurrency network. According to Messari, Bitcoin miners received $ 2.68 million from commissions in the last 24 hours, whereas Ethereum miners – $ 1.27 million The first value increased by 74%, and the second fell by 27%.
According to BitInfoCharts, the average commission on the Ethereum network is now $ 1.1 and is at the lowest levels since the boom in the DeFi space. Ethereum hit $ 14.58 in early September.
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