The average fee for making transactions on the Bitcoin network has grown by 750% over the last month, according to data from blockchain analysis resource bitinfocharts.com.
While in June 28 the fee for making a BTC transaction was $0.68 on average, now this figure has grown to $5.8. The fee for making transactions on the network of the largest crypto by market cap hit an all-time high in December 2017, when the average cost was $58.
The fees on the Ethereum network have also increased. While a month ago an ETH transfer had an average cost of around $0.5, the figure has now grown to $1.4 (+180%) and even reached $1.9 yesterday.
This increase in fees is related to the rise in user activity. When users start making more transfers between exchanges and wallets, the network load increases, generating a queue of unconfirmed transactions. As a result, users interested in making their transactions as quickly as possible must pay a higher fee to add them to the blockchain.
This surge in fees in the Ethereum network has led to an increase in the miners' daily income as well. Thus, over the past month, they rose by 60% to $3.35. As a result, Ethereum mining on modern devices has become almost twice as profitable as Bitcoin mining.
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