Now, as the third halving whipped up retail interest, demand for processing transactions through the Bitcoin network rose, causing fees to soar.
Since May 11, the average transaction cost for BTC has climbed as much as 220% to more than $6.40, as per Bitinfocharts. On the day of the halving, fees averaged just below $2. Transaction costs had already been rising two weeks prior to the event, spiking 400%.
Fees are paid each time a Bitcoin transaction is processed and confirmed by a miner, who pockets the fees, in addition to the block reward, as revenue.
There’s been some suggestion that miners are using higher fees to compensate for lost revenue from the block reward cut – creating what could arguably become a future market for BTC, one based on fees. Proponents argue higher fees help keep the Bitcoin network secure.
But bitcoin fundamentalists are unimpressed, citing high cost as a stumbling block to mass adoption. Miners are now hoping that the price of BTC rises above $10,000 and stays there, for them to remain profitable.
What do you think about the rising transaction fees? Let us know in the comments section below.
The post Bitcoin Miners Double Revenue: Fees Spiked Over 200% in 10 Days Since the Halving appeared first on Bitcoin News.
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