Bitcoin Fee Estimates Have Increased By 1,013% in USD Terms ?>

Bitcoin Fee Estimates Have Increased By 1,013% in USD Terms

Bitcoin fees have skyrocketed this year, increasing by 557% from 14 to 78 satoshis per byte, which translates to an eye-watering 1,013% increase in dollar terms in just one year, according to research by Jameson Lopp, engineer at BitGo.

That still translates to just 22 cents for an ordinary transaction of around 400 bytes in size, with peak time fees ranging from around 30 cents to 50 cents or more, but transaction costs have seen a constant gradual increase in 2016, primarily due to lack of transaction capacity.

The effect has been a substantial increase in confirmation times which have doubled during December 2016, a metric, median confirmation times, that hides more extreme delays during peak times, so smoothing them over quieter periods.

The unsurprising winners have been miners, with their total fee revenue increasing from just over 10,000 USD at the beginning of the year, to an incredible $70,000 by year’s end.

 

Source: CriptocoinsNews

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