© Reuters.
Recent weeks have seen a significant shift in network dynamics, with transaction fees dropping significantly while miner revenue in November outstripped the previous month.
On Thursday, data analysis revealed that the average Bitcoin transaction cost has dropped to $5.89, with an average fee of $2.86. This marks a significant drop from fees earlier this month, which rose to over $18 per transaction. Despite lower fees, blockchain usage remained strong, with approximately 347,791 inscriptions processed that day.
Network activity surged around last Saturday, with a record number of more than 475,000 transactions indicating strong participation. 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 unconfirmed transaction blocks, 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 close to the peak seen in May, with miners earning more than $124 million.
Transaction costs vary based on priority. High priority transactions cost approximately $2.38, while non-priority transactions cost an estimated $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 ability to handle large volumes of transactions. effectively.
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