BITCOIN TRANSACTION FEES SURGE TO $24MILLION A DAY IN 2023. 19th of December , 2023
On the 17th of December, 2023, bitcoin single day transaction fees hit a record of about $24million dollars surpassing the previous highs of $18, million in May, 2023 and $21million in 2017. There have been a huge network conjestion for Bitcoin transactions due to high volumes of request in the blockchain and this resulted into unconfirmed transactions for transactions with low fees.
According to cryptofees.info, Bitcoin fees have been extremely much this week in December and have generated average total daily fees of $14million. In comparison in terms of Bitcoin, the miner fees is lower (560 Bitcoin in December 19,2023 compared to 635 bitcoin in May, 2023)
Bitcoin users are advised to use a transaction accelerator to rebroadcast unconfirmed Bitcoin transactions or wait for the decongestion of the blockchain which currently have alot of transactions.