The average transaction fees in the Bitcoin network increased by almost 200% in April compared to March. This is stated in his report by the research company Diar.
Diar also notes that Bitcoin miners have earned $ 13.7 million in fees in March, 71% more than the $ 3.9 million they collected the previous month. Total mining revenues in April were $ 291 million, up almost 30% from March.
Transaction volume increased by 43% in April, with Segregated Witness (SegWit) approaching 40% of total transactions. SegWit is a functionality that contributes to better network scalability. It increases the capacity of the block and removes some of the signature data. In comparison, the average use of SegWit in 2018 was 26%, which means that this functionality is becoming increasingly useful, helping to make cheaper and faster transactions.
The number of transactions in April 2019 was close to the historical highs we saw in December 2017 (11.2 million transactions). However, the amount of BTCs that were relocated on-chain accounted for only a third of what at the end of 2017.
Diar estimates that, at the current levels of SegWit usage, transaction fees could rise by as much as 300% if transaction growth from 2017 is repeated. However, the report also adds that charges would still be 55% cheaper than in December. 2017, when it rose to almost 500 Sat / Byte because of the increasing use of SegWit.
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