Bitcoin Fees Dip & Miner Profits Rise: Key Updates
Bitcoin's transaction fees underwent a recent decline after peaking at over $18 per transaction last week.
As of November 24, 2023, the average fee settled around $5.89, dropping significantly from the recent high. This decrease followed a surge in costs that caused notable volatility in block space expenses.
Analytics from Dune Analytics suggest sustained blockchain activity, with daily transactions surpassing 300,000, even after hitting a peak of over 475,000 on November 19. On November 24 alone, approximately 347,791 transactions occurred, and by November 25, miners processed over 280,000 transactions.
This substantial surge in transactions resulted in a mempool backlog of more than 200,000 transfers. As of November 25, around 206,697 transactions remained unconfirmed, causing a backlog of roughly 269 blocks.
Regarding miner earnings, recent data indicates that a “no priority” transaction costs about $1.17, while a “high priority” one stands at around $2.38 per transaction.
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Moreover, November’s BTC mining revenue has already exceeded October’s figures, with miners earning about $945 million by November 25, inclusive of transaction fees and subsidies. Miners accrued over $124 million from fees alone by 4:00 p.m. (ET) on November 25, nearing the 2023 record of slightly over $125 million set in May.
The ongoing fluctuations in transaction fees and miner revenues underscore the ever-changing dynamics within the Bitcoin network, influenced by factors like transaction demand, blockchain activity, and miner incentives.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
