The average Bitcoin transaction fee reached an all-time high at $3.19 on May 8 after growing by more than 300% compared to the April 26 average of $0.62 in anticipation of the crypto's halving, which is scheduled for tomorrow.
According to data provided by Bitinfocharts, the average transaction fee on the network of the largest crypto by market cap peaked at $3.19 on May 8, a figure a 300% higher than the average on April 26 ($0.62).
It is worth remembering the last time this value reached a similar level was back in July last year, when it peaked at $3.
This increase in the transaction fee is not a surprise, as it historically tends to suffer significant increases before halvings. For instance, when BTC last halved on July 9, 2016, the average transaction fee skyrocketed to $0.62 in just 24 hours when the average fee was $0.10.
This increase in the average transaction fee may reflect the fact that users are willing to pay more to conduct their transactions on the Bitcoin network in order to have them processed more quickly.
The Bitcoin halving is scheduled for tomorrow, May 12, when the reward given to miners for mining a block will decrease from the current 12.5 Bitcoins to 6.25 Bitcoins.
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