the most recent spike in BTC trade fees comes following a significant decrease from the Bitcoin network hash speed.
Bitcoin (BTC) trade fees quantified in United States dollars are close 2017 degrees amid a huge hash speed fall on the Bitcoin network.
Based on data in several Bitcoin monitoring sources, the typical BTC trade fee in U.S. bucks is close to the all-time large listed back in 2017.
Popular Bitcoin tracking source BitInfoCharts indicates that present BTC prices have already broken the record of $54 at 2017 at $58 on Tuesday.
Other resources, such as important blockchain explorer Blockchain.com, additionally reveal the typical BTC trade cost on Tuesday struck $58.
Despite many sources showing the recent BTC trade fee near $60, other sources show a far lower figure. Major Bitcoin analytics site Clark Moody reports a typical BTC fee worth in dollars -- within the previous 2,016 cubes -- of $27.5 in the time of composing. Based on statistics from Ycharts, the typical Bitcoin trade commission is $43 at releasing time after hitting 50 on Sunday.
BTC trade fees hit $50 in late 2017 when Bitcoin soared to $20,000 for the first-time . In the time of writing, Bitcoin is trading at $55,190 after a correction out of the all-time high above $64,000 past week.
The most recent spike in BTC trade fees comes following a significant decrease from the Bitcoin network hash speed. In accordance with crypto observers, the decrease is very likely to be credited to massive power outages from the Chinese mining heart of Xinjiang.
The decrease from the BTC network hash speed could eventually affect the mining issue of Bitcoin, possibly pulling the step downwards. Happening after every 2,016 cubes, -- or approximately every 2 months -- another Bitcoin difficulty adjustment is anticipated to take place in 12 days. According to internet quotes, another BTC difficulty adjustment might be the biggest downward adjustment since November 2021 if the hash speed does not recover by early May.
Amid spiking BTC trade fees, a few crypto exchanges have hurried to present less costly techniques to maneuver Bitcoin around, together with OKEx incorporating that the Lightning Network on Monday.