Bitcoin Transaction Fees Increase 92 Percent in Four Days

Liputan6.com, Jakarta The cost of Bitcoin has increased by 92 percent over the past four days, as reported by bitinfocharts on June 22, 2023. According to the data, the average cost of Bitcoin is still over the USD 1.00 threshold since April 23.

Reporting from Bitcoin.com, Friday (23/6/2023), on May 8, the average fee reached its 2023 high of USD 31 or equivalent to IDR 463,264 per transaction.

The spike in fees can be attributed to the financial transfers that are frequently broadcast across the chain and the inclusion of Ordinal inscriptions, which results in an increase in the number of transfers.

Average size transfer fees have also increased, bitinfocharts shows the median on-chain fee as of June 22, 2023, was 0.000053 BTC or USD 1.60 per transfer or approx. IDR 23,908.

This follows a low of USD 0.694 or equivalent to IDR 10,370 per transaction recorded on June 18, which shows a more than 130 percent jump in fees of the average size in four days.

Additionally, archived statistics from mempoolspace, show there are around 339,936 unconfirmed transactions since Thursday afternoon.

Meanwhile, mempoolspace revealed that the current high priority network transfer fee is USD 1.59 or the equivalent of IDR 23,759 per transaction, while the medium priority fee is USD 1.17 or the equivalent of IDR 17,483, the low priority fee is USD 0.92 or the equivalent of IDR 13,747 , and the non-priority fee is USD 0.50 or equivalent to IDR 7,471.

Furthermore, archived metrics from June 19, 2023 reveal within a span of three days, Lightning Network capacity increased from 5,408.88 BTC to the current 5,427.05 BTC, representing a growth of 0.33 percent.

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