Rapid Fluctuations in Bitcoin Fees Cause Brief Spike in Hashprice

  • Sergey Maga
  • 10 June, 2024 10:09
Rapid Fluctuations in Bitcoin Fees Cause Brief Spike in Hashprice

Bitcoin’s hashprice surged to $95 per petahash on June 8, the highest level since the recent halving. The spike was driven by a significant rise in on-chain transaction fees. However, by June 9, the hashprice had dropped back to $62 per petahash as fees decreased, according to Bitcoin.com.

On June 7, Bitcoin transaction fees soared to $30 per transaction. According to Bitinfocharts.com, the average transaction fee peaked at $83.74 per transfer. By June 8, the average fee had dropped to $21.17 per transaction. As of June 9, mempool.space reported fees around 46 satoshis per virtual byte (sat/vB), approximately $4.47 for a high-priority transaction, with 324,132 unconfirmed transactions awaiting confirmation.

The brief increase in hashprice highlights Bitcoin’s volatile economic landscape, tightly linked to BTC’s overall value and fluctuating transaction fees. These rapid changes pose both opportunities and risks for miners, requiring a careful balance of potential gains and the risk of sudden declines.

In related news, analysts attributed the fee increase to OKX consolidating numerous transfers. This consolidation led to a temporary surge in transaction fees, impacting the hashprice.

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