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Bitcoin on-chain transaction fees surge, up 231% in four days

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Recently, the average fee on the Bitcoin chain was $6.3, a new high since August

Rhythm BlockBeats news, according to data from OKLink, on October 22, Bitcoin transaction fees soared to the highest level since mid-August, with an average fee of $6.3. On October 25, bitcoin fees fell slightly to $5.7. Yet last Monday (October 19), the average cost of a bitcoin transaction was just $1.9. This sudden surge in the price of Bitcoin has increased Bitcoin fees by 231% in just four days.

Similarly, on October 22, the single-day transaction fee on the Bitcoin chain reached 165.78 BTC, which also reached the highest record since August this year. The increase in transaction fees may be related to the increase in the price of Bitcoin. On October 6, the price of bitcoin was around $10,600. But the price has risen sharply this month to around $13,000 today. increased by about 23%. Fees rise when the demand to process transactions on the Bitcoin blockchain exceeds the number of transactions that miners can process. Because the transaction confirmation speed is slower, users who want miners to prioritize transactions will pay more premium for speed.