It now costs ‘a Big Mac’ to use the Bitcoin Network
Bitcoin’s (BTC) price rallied in October, gathering investors’ and cryptocurrency traders‘ attention. This has increased the demand for the Bitcoin Network, making transaction fees surge to more than the price of a Big Mac. Finbold retrieved data from mempool.space on November 7 about the average fees paid to the Bitcoin Network in the last 144 blocks (24 hours). Notably, users have paid an average of 0.00017510 BTC ($6,08) in fees per transaction and 0.5796 BTC ($20,131) per block. Bitcoin miners have collected 983.46 BTC ($34.16 million) in mining rewards in this period. Bitcoin network reward stats (144 blocks). Source: mempool.space Interestingly, the average fees per transaction surpassed the average price of a Big Mac in the United States. One Big Mac was priced at $5.58 USD in July 2023, according to the Big Mac Index by The Economist . Why are Bitcoin network fees increasing? Cryptocurrency ChatGPT predicts price of XRP for January 2024 ...
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