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Saturday, June 8, 2024
HomeCryptoBitcoin transaction fees suddenly reached astonishingly high levels

Bitcoin transaction fees suddenly reached astonishingly high levels

Transaction fees on Bitcoin suddenly increased 10 times normal. According to data, this is the main reason for BTC network congestion.

OKX is said to be moving thousands Bitcoin Unspent Transaction Output (UTXO) to their hot wallet. This activity takes place at a cost 10 times higher Average levels observed over the past 24 hours.

The Bitcoin network is currently experiencing congestion significantly, with a staggering number of transactions waiting for confirmation in the mempool. As a result, users are forced to pay more than 500 satoshis per byte to make transactions instantly or approx 50-100 USD for a normal transfer transaction.

These high fees mean that a significant portion of the Bitcoin that OKX is trying to merge will be paid to miners. For example, in one transaction, one had to pay a fee of up to 15,000 USD to combine UTXOs with a total value of only 48,000 USD, which is a fee of more than 30% of the total value.

Currently the Bitcoin network is having difficulty with more 330,000 unconfirmed transactions and memory usage has increased to 1.35 GB.

Semler Scientific invests heavily in Bitcoin, eyeing a $150 million fund

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.


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