Kataryna Kovtun July 30, 2020
Table of Contents [hide]
- 1 Sending two of the most popular cryptocurrencies has become exponentially more expensive over the past month.
- 1.1 Users are willing to overpay hundreds of percent to move coins faster.
- 1.2 What is the reason for the transfer fees increased?
Sending two of the most popular cryptocurrencies has become exponentially more expensive over the past month.
Users are willing to overpay hundreds of percent to move coins faster.
The average commission on the Bitcoin network has grown by 750% over the past month, according to blockchain observer bitinfocharts.com. On June 28, one BTC transfer cost an average of $ 0.68. To date, this figure has grown to $ 5.8. But this is not a record. Sending the first cryptocurrency was the most expensive in December 2017. Then the average cost of one transaction reached $ 58.
A jump in fees has also occurred on the Ethereum network. Transferring altcoin a month ago cost a little over $ 0.5. To date, this figure has grown by 180%, to $ 1.4, and yesterday, July 28, rose to $ 1.9.
What is the reason for the transfer fees increased?
The increase in commissions in the cryptocurrency network is associated with an increase in user activity. Because they are starting to transfer funds between exchanges and wallets more often, the load on the blockchain is growing. In this regard, a queue of unconfirmed transactions is formed. In order not to wait and make the transfer as early as possible, coin holders are ready to pay more rewards to miners.
Due to the increase in the size of commissions in the Ethereum network, the daily income of miners has also increased. Over the past month, this indicator has risen by 60%, to $ 3.35. Thanks to this, altcoin mining on modern devices has become almost twice as profitable as Bitcoin mining.
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