Bitcoin Transactions Are More Expensive Than Ever

Bitcoin

Bitcoins average transaction fees have well surpassed all-time highs as miner outages in China have slowed block production at a time when demand for block space has never been greater.

Per multiple sources, the average fee is roughly $59. In 2017, during the peak of bitcoins (BTC) last bull market, average transaction fees just tapped $50.

These high transaction fees coincide with a series of accidents at Chinese coal mines which have taken mining farms in the coal-rich regions of China offline. Bitcoins hashrate has fallen some 25% to 125 exahashes a second, according to mining pool-reported data.

“This is a combination of ASIC shortages, huge price increases of BTC outpacing difficulty and the sudden hashrate drop, resulting in slower block times, backlog of transactions and extra fees per block,” said Compass Mining Chief Business Officer Thomas Heller.

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*Disclaimer: We're objective and don't encourage your transaction with any Bitcoin brokers. Should you have any questions, please contact them directly.