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Bitcoin Transaction Fees Surge 10x Amid Network Demand Spike
The sharp increase was primarily driven by heightened network demand.
Bitcoin transaction fees skyrocketed on August 22, with the average cost per transaction surging by a staggering 937.7%, rising from $0.74 to $7.679.
The sharp increase was primarily driven by heightened network demand, a significant shift from the relatively stable fees that had been observed since July.
Until mid-August, Bitcoin transaction fees had consistently remained below the $2 mark, reaching as low as $0.558 on August 18.
Lower Fees Led to Reduced Miner Revenues
While low fees made Bitcoin transactions more accessible to the general public, they simultaneously threatened to reduce minersâ revenues, as lower fees translate to lower earnings for miners who validate transactions on the network.
The sudden spike in fees on August 22 was linked to an overwhelming demand for network bandwidth, which led to a substantial increase in the cost of sending and receiving Bitcoin.
