Fees for making transactions on the Bitcoin network have jumped by 1,250% between April 11 and May 14, from $0.38 to $5.16.
Even though they have fallen by 33.3% at press time ($3.44), they have grown by 36.5% since the crypto completed its third halving in history on May 11.
Thus, the average transaction costs have climbed by 800% over the last month, reaching their highest level since July last year.
Since the crypto completed its halving on May 11, when the reward given to miners for mining a block was reduced from 12.5 BTCs to 6.25 BTCs, the fee for executing transactions on the network of the largest crypto by market cap has risen by more than a third. It must be noted that transaction costs jumped by 105% in just 3 days after the halving.
However, despite this surge, transaction costs are still way lower than those hit at the end of 2017, when the BTC price broke above $20,000.
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