The Bitcoin network is currently facing a significant rise in network fees due to 332,000 unconfirmed transactions as of June 7, 12:05 pm Eastern Time. Network fees reached 514 sats for high-priority transactions and 513 sats for low-priority ones, peaking at around 520 sats per transaction earlier in the day, equivalent to $50–$52. Concerns over miner difficulty, high fees, and profitability post-halving have intensified. The block reward halving from 6.25 BTC to 3.125 BTC in April led to a 42% decrease in mining revenue for Bitfarms in May. Unfavorable weather conditions in Argentina also impacted mining operations. U.S. Bitcoin miners have spent $2.7 billion on electricity in 2024, with the energy consumption being able to power 1.5% of U.S. households for a year. The cost to mine a single Bitcoin has more than doubled to $110,000 post-halving. Read more AI-generated news on: https://app.chaingpt.org/news