Nov 27, 2023: The recent weeks have seen a significant shift in the Bitcoin network’s dynamics, with transaction fees experiencing a notable decrease while miner revenue for November outstripped that of the previous month.
On Thursday, data analysis revealed that the average cost of Bitcoin transaction fees had fallen to $5.89, with the median fee at $2.86. This marked a substantial drop from the fees earlier in the month, which had risen above $18 per transaction. Despite the lower fees, blockchain usage remained robust, with around 347,791 inscriptions processed on that day.
The network’s activity had surged around Saturday last week, with a record-breaking number of over 475,000 transactions indicating strong engagement. This high level of usage continued throughout the week, consistently exceeding 300,000 daily transactions.
On Friday, a backlog in the mempool resulted in approximately 269 blocks worth of unconfirmed transactions, highlighting the network’s congestion issues. Despite this, miners had a profitable month with total earnings reaching $945 million in November, surpassing October’s total of $880 million. Fee revenue alone was nearing the peak seen in May, with miners earning over $124 million.
Transaction costs varied based on priority levels. High-priority transactions were priced at about $2.38, while those with no priority came in at an estimated cost of $1.17 per transfer.
This financial landscape for Bitcoin reflects a vibrant ecosystem where network usage and miner profitability can fluctuate significantly but also demonstrates the network’s capacity to handle large volumes of transactions efficiently.
Source Courtesy: Investing.com
