The rise in Bitcoin’s price is very welcome for all of the Bitcoin community. At the moment, Bitcoin is above $11,000 and is well on its way to $12,000. However, with the price increase, transaction fees on the Bitcoin network are also increasing.
In the last few days, along with the increase in price, transaction fees have jumped to $6. This is after swinging between $0.60 and $1.60 for a long time, with $1.20 as the average price. The new price is a climb of nearly 500% in about 30 days.
Just yesterday, transaction fees hit $6.06, pulling in an average transaction fee close to its previous high in May. While the rise in Bitcoin’s value is celebrated, members of the community have a hard time adjusting to the current transaction fee.
For members of the community that are not end consumers, the increase just might be a welcome development. The rise in transaction fees directly translates to an increase in income for miners. According to information from Blockchain.com, the average revenue for miners has pumped to a whopping $2million, from the $300,000 average it was at the beginning of the month.
In addition to the increase in price and transaction fees, hash rates are also pumping. The hashrate on the Bitcoin network is now close to a record high of 126 exahashes per second (EH/s).