Bitcoin Fees are 850% up in One Month!

By
Tokeneo
-
1 min reading

After the third ever halving of bitcoin in history, bitcoin's transaction fees have increased by over 800% in one month!

bbitcoin fees increasing

Transaction fees for bitcoin transactions increased by more than 1250% in one month from 11 April to 14 May. As late as April, we still could send bitcoin paying just $0.38.

Currently, at the time of writing this article, the fees have fallen to about $3.50, but since the extraction of reward block they have increased by 36.5%.

Fees Double in 3 Days After Last Halving

In May were recorded the highest transaction fees since July 2019, and cost of executing transactions increased by more than 800%.

Bitcoin transaction fees March 2020 - May 16, 2020: BitInfoCharts Since halving, bitcoin fees have increased by one third, which means that they have increased by over 100% in three days.

Despite the high price levels of bitcoin transaction fees, they represent only 10% of the ATH that took place in the bull market at the end of 2017.

Second halving - 2016

During the previous halving, transaction costs decreased by 8% immediately after the reward block was extracted.

In the run-up to the second Bitcoin halving on July 9, 2016, fees increased by approximately 200% from May 1, 2016 to a peak of approximately $0.081, both in mid-June and late July of that year.

Bitcoin transaction fees May 2016 - September 2016: BitInfoCharts 

First halving - 2012

During the first bitcoin halving, transaction fees increased by 300% in one day from 26 to 27 November 2012 and after two days returned to pre-halving levels.

Bitcoin transaction fees November 2012 - January 2013: BitInfoCharts