Fees on the Bitcoin network surged to nearly $52 per transaction on July 7 as over 300,000 unconfirmed transactions caused massive network congestion.
The network is currently experiencing temporary congestion due to over 300,000 unconfirmed transactions waiting to be processed on Friday morning.
The Bitcoin network is currently experiencing a sharp increase in network fees driven by 332,000 unconfirmed transactions as of 12:05 pm, Eastern Time on June 7. Network fees at the time hit 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices climbing to around 520 sats per transaction earlier in the day. In U.S. dollar terms, this represents $50 to $52 in fees per transaction. Priority fees have since dropped to around $46 per transaction.
The Bitcoin miner also explained that temperatures in its Argentina facility were unusually low in May—recording some of the worst weather conditions in 44 years. These poor weather conditions caused the company's Rio Cuarto facility to shut down for eight days, contributing to a drop in the total number of Bitcoin mined.According to analyst Paul Hoffman, “Since the start of 2024, Bitcoin mining in the U.S. has consumed an enormous 20,822.62 GWh of electric power.
In April, it took an average of $52,000 to mine a single Bitcoin. Following the halving event, the cost to mine a single Bitcoin has more than doubled to an average of $110,000.
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