Bitcoin’s Average and Median-Sized Network Fees Rose 40% Higher in March – Bitcoin News

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As of March 2023, Bitcoin’s mid-cap and mid-cap shares jumped more than 40% higher after rising 122% in 10 days during the first week of February. The fees followed the trend of Ordinal inscription as more than 662,000 registrations reside on the Bitcoin blockchain, and 150 bitcoins worth $4.2 million were added to fees.

Bitcoin Fees increase in March, more than 50,000 unconfirmed transactions in the Mempool

As of 2:30 PM (ET) on March 31, 2023, acc statistics of mempool.space, there are approximately 54,000 unconfirmed Bitcoin transactions. Bitcoin fees and wait times increased in March after the network fee that occurred during the first week of February.

At the time, due to the demand arising from Ordinal inscription transactions, fees rose 122% in 10 days. With BTCThe price of ‘s significantly higher and the Ordinal inscription trend still in full swing, average and medium-sized transfers have risen since February 8, 2023.

Bitcoin's Average and Mid-Size Network Fees Soared 40% Higher in March
On Friday, March 31, 2023, the lowest fee is 6 satoshis per byte, or $0.24. A low priority is 36 sat/vB or $1.43, a medium priority is 41 sat/vB or $1.63, and a high priority transaction is 44 sat/vB or $1.75 per transaction, according to mempool.space. Data from bitinfocharts.com shows that the average BTC fee on Friday is $2.40 per transfer, and the average fee is about $0.98 per transaction.

According to data from bitinfocharts.com, on Friday afternoon (ET), the average BTC transaction fee cost 0.000084 BTC or $2.40 per transaction. On February 8, 2023, the average fee was $1,704 per transfer, or 41.17% lower than today’s average. BTC fee

BTC‘s medium sized fee rose 42.02% from $0.69 to $0.98 per transaction during the same time frame. Average fees increased to $4.24 per transaction on March 24, and on the same day, average fees hit $1.37 per transfer.

As written, there are more than 662,000 Bitcoin-based Ordinal inscriptions, and some of the fee increase was attributed to the joining trend. Currently, 150.2457 BTC in fees was collected for Ordinal inscriptions.

While BTC fees were higher, they are still lower than the medium and medium-sized fees settled on the Ethereum (ETH) network. Currently, the average ETH transaction fee is 0.003 ETH or $5.43 per transfer, and the average ether fee today is 0.0014 ETH or $2.54 per transaction.

During medium and medium BTC fees range between $0.98 to $2.40 per transaction, some fee payments, at 6 satoshis per byte or $0.24 per transaction, made it past the transaction queue.

While block intervals were faster than the ten-minute average before the last difficulty change, with an average of nine minutes and 33 seconds over the last 2,016 blocks, they currently range between nine minutes and 50 seconds to ten minutes and 21 seconds.

Tags in this story

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What do you think the future holds for Bitcoin fees? Let us know your thoughts in the comments section below.

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Jamie Redman

Jamie Redman is the News Leader at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about the disruptive protocols coming out today.




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