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Bitcoin transaction fees briefly doubled yet remain exceptionally low

2022/03/09 10:52

According to an Arcane Research report, Bitcoin “transaction fees have stayed low since July 2021, showing no signs of rising.” There was, however, a small bump in transaction fees last week, but transaction fees remained in a low range. Miners churned through the mempool transactions over a two-day period, securing the network while keeping transacting affordable. Eric Yakes, author of the Bitcoin book the 7th Property said that there were three main reasons why transaction costs are so low: Segwit adoption, hash rate redistribution, and Bitcoin layer 2 infrastructure. Tomer Strolight, editor-in-chief at Swan Bitcoin, names another factor for why transaction fees are low: “We have the biggest exchanges all batching transactions now. This means they are sending out 100 or more withdrawals on a single transaction instead of the terrible practice from several years ago of sending out each withdrawal as a single one.” The Arcane research report indicates that while these four factors are important, it’s also “likely that a lower number of transactions per day has driven down the average transaction fee.”
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