**Bitcoin Transaction Fees Skyrocket Amid Network Demand Surge**
- Bitcoin (BTC) transaction fees soared by a staggering 937.7%, from $0.74 to $7.679 per transaction on August 22, driven by increased network demand.
- Since July, fees had been stable, mostly under $2, hitting a low of $0.558 on August 18.
- Higher fees can deter everyday users but benefit miners who authenticate transactions.
- On August 23, fees moderated to $0.34, according to mempool data.
- CryptoQuant reports a drop in Bitcoin demand, with holdings decreasing from a 30-day growth of 496,000 BTC in April to a negative growth of 25,000 BTC.
- VanEck suggests Bitcoin miners could earn an extra $13.9 billion annually by 2027 by supplying energy to AI and high-performance computing sectors.