Bitcoin Transaction Fees Are Up 800% in One Month
From April 11 until May 14, Bitcoin (BTC) transaction fees increased by more than 1,250% from $0.38 to $5.16.
While Bitcoin transaction fees have since fallen by 33.3% to sit at roughly $3.44 as of this writing, fees have increased by 36.5% since the block reward halving on May 11.
The average cost of executing transactions on the Bitcoin network has increased by more than 800% in just one month, with May posting the highest transaction fees since July 2019 so far.
Bitcoin transaction fees March 2020 - May 16, 2020: BitInfoCharts
Fees are up by more than one-third since the halving, which precipitated an increase in transaction costs of 105% over three days.
Despite fees reaching their highest levels in nearly one year, current transaction costs are less than one-tenth of the all-time highs recorded at the end of 2017.
The run-up to Bitcoin’s second halving on July 9, 2016, saw fees increase roughly 200% from $0.081 on May 1, 2016, to a local peak at roughly $0.24 posted both during mid-June and late-July of that year.
Bitcoin transaction fees May 2016 - September 2016: BitInfoCharts
Over the three days following Bitcoin’s second halving, fees fell by nearly 8%.
Bitcoin’s first halving on November 28, 2012, saw fees increase by 300% from Nov. 26 until Nov. 27, before crashing back to pre-halving levels within two days of block rewards decreasing.
Bitcoin transaction fees November 2012 - January 2013: BitInfoCharts
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