Bitcoin Fees Up By a Third, Days After the Halving, and Up Over 600% In One Month

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As bitcoin continues to experience high volatility, before and after the halving, the same thing is happening to bitcoin transaction fees which have so far gone up by over 600% in one month.

So far, fees have reached their highest levels in nearly one year.

SEE ALSOThe Most Anticipated Cryptocurrency Event of 2020 – The Bitcoin Halving – Just Happened

Here is a breakdown of transaction fees since January 2020:

  • January 17, 2020 – $0.665
  • February 17, 2020 – $0.721
  • March 17, 2020 – $1.159
  • April 17, 2020 – $0.636
  • May 17, 2020 – $4.092
Bitcoin Transaction Fees breakdown from May 17, 2019 – May 17, 2020

However, an YoY outlook shows that the transaction costs are slightly lower than what they were a year ago:

  • May 17, 2019 – $4.581
  • May 17, 2020 – $4.092

In the wake of rising transaction fees, some analysts are already prediciting a brutal reality check of falling bitcoin prices due to decreased miner revenue post-halving and a reduced hashrate, which will ultimately decrease the effectivity of the network.

The rise in transaction fees however is not new in previous bitcoin halvings. The first 2012 and second 2016 bitcoin halvings saw transaction fees increases of over 200% before stabilizing to pre-halving levels.

It is likely that the high fees will similarly eventually level down.

 

 

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