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Bitcoin Transaction Fees Increased 300% Before The Halving

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Bitcoin Fees

Bitcoin halving is going to take place in less than a day, the May 12th, and transaction fees are increasing. Transaction fees on Bitcoin have been increasing in the past few days as the halving is estimated to take place in less than 24 hours.

According to data from the website Bitinfocharts, on May 8th, the average transaction fee of Bitcoin was about $3.19, and the May 4th the average was around $0.6.

The record of high transaction fees was back in July 2019 when the average transaction fee was about $3.4.

Why have increased the Transaction Fees in Bitcoin?

Higher transaction fees occurs because users are willing to pay more to get their transactions prioritized and to reduce the waiting time at crypto exchanges.

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