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08 July 2020

Bitcoin Transaction Fees Decline as Network Congestion Eases - CoinDesk

Bitcoin Transaction Fees Decline as Network Congestion Eases - CoinDesk


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“The fall back in transaction fees are related to a normalized transaction activity and recent mining difficulty adjustment, which occurs around every two weeks,” said Wayne Chen, CEO of Interlapse Technologies and founder of virtual currency platform Coincurve. .

Bitcoin’s block size is 1 MB, which means miners can process only 1 MB worth of transactions per block mined roughly every 10 minutes

The recent decline in fees could also be associated with the downward adjustment in the mining difficulty and the resulting drop in block interval time. 

While the seven-day average of hashrate is still hovering around 90 EH/s, the mean block interval fell to 11 minutes from the high of 14.3 minutes registered on May 17

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sentiment (-0.3) Negative

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