Bitcoin Transaction Fees Drop After a Surge

With the recent surge in popularity, blockchain networks have also seen a significant increase in activity. In line with this, transaction fees in the Bitcoin ecosystem have experienced a noticeable drop in recent days, following a period of high fees that exceeded $18 per transaction. On November 24, the average transaction fee dropped to around $5.89, with a transfer fee of $2.86 per transaction.

Intense Interest in the Bitcoin Ecosystem

The data on transaction fees observed on November 24 indicates an average cost of approximately $5.89 per transaction. This significant decrease compared to the average transaction fee of $14.06 per transfer just one day earlier is noteworthy. The fluctuating nature of block space costs in recent weeks has particularly caught the attention of users.

According to data obtained from Dune Analytics, a blockchain data analysis platform, there was a record-breaking number of over 475,000 transactions in the Bitcoin network on November 19, which continued to generate interest with daily transaction numbers exceeding 300,000.

On November 24, approximately 347,791 mint transactions took place, and on November 25, Bitcoin miners processed over 280,000 transactions. With the increase in mint numbers, combined with the volume of financial transactions, over 200,000 transfers were made in the ecosystem.

Better Days Ahead for Bitcoin Miners

Data on transaction fees obtained from Mempool space on November 25 indicates that an unconfirmed transaction with no priority is currently estimated to cost around $1.17. On the other hand, a high-priority transaction is priced at 45 sat/vB, which equates to approximately $2.38 per transaction.

Additionally, prominent data shows that Bitcoin mining revenue in November has already surpassed the figures from the previous month, even before the end of the month. In October, Bitcoin miners earned approximately $880 million worth of Bitcoin from their operations.

As of November 25, 2023, miners have earned a total of $945 million from transaction fees. On November 25 alone, Bitcoin miners earned over $124 million from transaction fees. This figure indicates a near approach to the fee revenue record of 2023, which was just slightly above $125 million in May.