Average BTC Transaction Fee Peak Since June 2018 of the year

Average transaction fees on the Bitcoin network peaked since June 2018 year against the background of the number of unconfirmed transactions grew to record values ​​and the hash rate decreased.

According to Glassnode, 28 October, the average transaction fee on the Bitcoin network was 0.00086764 BTC ($11.66), which was the highest since June 2018 of the year. Average BTC Transaction Fee Increased By 573% over the past two weeks, simultaneously with the growth of the price of cryptocurrency from $11 200 to $13 800.

Mempool Bitcoin is in the spotlight again after the increase in transaction volumes, causing network congestion and, Consequently, growth of commissions ", - said the head of the research department of the London brokerage company Bequant Denis Vinokurov.

Mempool is a queue of unconfirmed transactions on the network. When user activity increases, this leads to an increase in mempool size. As demand exceeds supply, miners increase their income, prioritizing transactions with higher fees. it, in its turn, forces other users to offer higher commissions, to avoid long wait.

In the middle of the week, an increase in Bitcoin user activity led to an increase in the number of unconfirmed transactions to 131 068. The last time such a value was recorded in December 2017 of the year.

The recent drop in Bitcoin hashrate amid the end of the monsoon season in China's Sichuan province has also played a role in the rise in unconfirmed transactions and fees.. Hash power declines amid rising prices, which led to an increase in the waiting time for transaction confirmation and network congestion. Analysts expect, that with the following recalculation, the difficulty of mining bitcoin will significantly decrease.