With the rise of Bitcoin price also comes the rise in price of sending transactions. Transaction costs for sending Bitcoin over the Bitcoin network rose to a whopping 547% this month as per a report published by news.bitcoin.com.

On 6th August the fees rose from $1 USD to $6.47 USD while dropping to $2.43 USD on 9th August, still a 150% increase from the previous 30 days.

In addition to the block reward as income, the Bitcoin fees are pocketed by miners who process and confirm transactions over the blockchain. Fees are determined by increase in demand for processing transactions through the Bitcoin Network with other factors such as size of the transaction and mining difficulty. Miners got about 12% of fees on 6th August before getting less to about 6% on the 9th of August.

However the report further adds with data inputs from Bitinfocharts, a crypto analytics site, that other cryptocurrencies like Bitcoin Cash (BCH), Dash (DASH) and Ethereum (ETH) processing transactions thru their Blockchain networks were comparably cheaper.

# Bitcoin Cash (BCH):- Transaction fees averages about $0.0069 USD (under 1 cent) as of 9th August and the cost during the month of July’2020 was about $0.0056 USD.

# Dash (DASH):- Transaction costs were $0.0032 USD (under 1 cent) as of 9th of August and was almost the same during the period since 6th of July’2020.

# Ethereum (ETH):- Due to the upcoming Ethereum 2.0 upgrade & other factors investors are in the process of HODLing the same. Fees were up to $1.94 USD as of 10th August, increased 253% since 6th July’2020 where the fees was $0.55 USD.

Bitinfocharts had previously informed that during the third Bitcoin halving period transaction fees on Bitcoin network increased 1600% between 5th April and 20th May’ 2020. Eventually after the peak period the Bitcoin transaction fees decreased to 91% from $6.65 USD to $0.56 USD beginning 20th of May until 14th June’2020.

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