BTC ~ Hash Rate Reduced Transaction Cost Increased

By Venkatz | Crypto_Rays | 29 Oct 2020

BTC Hash Rate Reduced Reflects on Transaction Cost

AS 2020 is Good for Crypto lot of good news around crypto world . DEFI waves occupies some part of 2020. and the 4th quarter is really going good. BTC Dominance is continuing after back to back good news and trended more by PAYPAL News. but this rally affected Transaction cost. Yes the Transaction fee is getting higher when compared to the past 28 Months history. Average Transaction Cost crossed $11. The cost fee is surging to more than 500% in the past two weeks. how? lets see

MemPool

whenever a BTC transaction is executed it will take to MemPool first to get authorization from miners simply mempool contains unconfirmed transactions of BTC. A BTC Miner can process transactions upto 1 MB in time. But this week Mempool unconfirmed transaction crossed 70 MB.

Miner's scarcity

BTC Mining Consumes power it costs lot because the difficulty is increasing. China is one of the leading country which have miners because they are using hydro power at cheaper cost. The problem is rainy season in china is almost ended so miners are moving mining to other possible areas. so the Hash Rate is drastically going down. The Hash Rate decrease is affecting Transaction time and also the cost.

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Venkatz

I am Venkat From India I graduated in Computers and then did Masters of computer Application also Master of Philosophy in Network Security. I interested in Learning New Things. I love the blockchain Technology I am in Crypto From 2017.