©Reuters.
In recent weeks, the dynamics of the Bitcoin network have shifted significantly, with transaction fees seeing a notable decline while miner revenues for the month of November exceeded those of the previous month.
On Thursday, an analysis of the data revealed that the average cost of bitcoin transaction fees had fallen to $5.89, with the median cost standing at $2.86. This is a substantial drop from fees earlier this month, which topped $18 per transaction. Despite the drop in fees, blockchain usage remained strong, with approximately 347,791 registrations processed that day.
Network activity intensified around Saturday last week, with a record number of over 475,000 transactions, indicating strong engagement. This high level of usage continued throughout the week, regularly exceeding 300,000 daily transactions.
A backlog in the mempool resulted in around 269 blocks of unconfirmed transactions on Friday, highlighting network congestion issues. Despite this, miners had a profitable month, with total revenue reaching $945 million in November, surpassing October’s total of $880 million. Fee income alone came close to the peak reached in May, with miners earning more than $124 million.
Transaction costs vary depending on priority levels. High-priority transactions cost around $2.38, while low-priority transactions cost around $1.17 per transfer.
This financial landscape reflects a dynamic ecosystem where network usage and miner profitability can fluctuate significantly, but it also demonstrates the network’s ability to efficiently process large transaction volumes.
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