Bitcoin transaction fees in USD are approaching the highest levels in history

Bitcoin (BTC) transaction fees, measured in US dollars, are close to 2017 levels as the Bitcoin network has plummeted.

According to various Bitcoin monitoring resources The average BTC transaction fee in US dollars is close to its all-time high in 2017.TO

According to the blockchain explorer Blockchair, The average cost of a Bitcoin transaction rose to $ 58 on TuesdayThe popular bitcoin surveillance source approaching the all-time high of over $ 62 recorded in December 2017. BitInfoCharts suggests that current BTC fees have already broken the record from $ 54 in 2017 to $ 58 on Tuesday.

Bitcoin transaction fees in USD are approaching the highest levels in history
Bitcoin transaction fees in USD are approaching the highest levels in history

Other sources, including the major blockchain explorer Blockchain.com, They also show that BTC’s average transaction cost hit $ 58 on Tuesday.

Average BTC transaction rate all time. Source: block chair

Although various sources put the current BTC transaction fee close to $ 60, other sources show a much lower valueThe leading bitcoin analytics website, Clark moodyIndicates an average of the BTC fee in US dollars over the last 2,016 blocks of US $ 27.5 at the time of this writing. According to Ycharts The average bitcoin transaction fee at press time is $ 43, after hitting $ 50 on Sunday.

BTC transaction fees topped $ 50 in late 2017 when Bitcoin rose to $ 20,000 for the first time.At the moment Bitcoin is trading at $ 55,190 after correcting its all-time high of over $ 64,000 last week.

The recent surge in BTC transaction fees is due to a significant drop in the Bitcoin network’s hash rateOn Sunday, Bitcoin saw the largest daily decrease in the BTC network’s total hash rate since November 2017and drops from 172 million terahashes per second to around 154 million TH / s. The decline is likely due to massive power outages in China’s Xinjiang mining center.

The drop in hash rate on the BTC network could ultimately impact the difficulty of mining BitcoinThis could reduce the measure. Once every 2,016 blocks, or roughly every two weeks. The next Bitcoin difficulty adjustment is expected to be in 12 daysAccording to online estimates BTC’s next difficulty adjustment could be the biggest downward correction since November 2020 if the hash rate doesn’t recover in early May.

Amid rising BTC transaction fees Some crypto exchanges have quickly adopted cheaper methods of moving Bitcoinwith OKEx integrateBlitznetz on Monday.

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