8 days after halving, data streams from GlassNode, a crypto analytics platform, shows that miner revenue from Bitcoin transaction fees is up 14 percent to 2018 levels.
It is unprecedented but nonetheless expected since the network hash rate was somehow expected to shed computing power as miner block rewards were chopped by half.
Miners revenue from Bitcoin fees spiked to early 2018 levels
— Unfolded (@cryptounfolded) May 19, 2020
Rising Bitcoin Transaction Fees
The spike in transaction fees over the last few days has been aptly captured by Mati Greenspan the founder of QE and a market analyst.
In a series of tweet, he appears to have been tracking the average transaction fees charged on the Bitcoin network.
“Average fee to send BTC is now up to $5.82 (Please tell me how your favorite shitcoins can do it faster and cheaper. I’m dying to hear about it. /s) Mining difficulty will be adjusted in 91 blocks and that should clear the backlog and reset the fees to normal.”
Average fee to send #BTC is now up to $5.82
(Please tell me how your favorite shitcoin can do it faster and cheaper. I’m dying to hear about it. /s)
Mining difficulty will be adjusted in 91 blocks and that should clear the backlog and reset the fees to normal. pic.twitter.com/I5LzMeXJE8
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 19, 2020
Over the last few days, it should be noted that fees have varied drastically. Pre-halving, and specifically around early April, the average transaction fees charged to users of Bitcoin stood at between 50 cents and $1.