Spike

Bitcoin

Block

Bitcoin transaction fees have recently surged significantly. On June 7, the fee per block reached as high as 5.56 BTC, with an average around 5.25 BTC for recent blocks. This is a considerable increase compared to the beginning of the year, where fees were often below 1 BTC per block, according to <a href="https://www.rbc.ru/crypto/news/6662feed9a794726d4e6c505" rel="noopener noreferrer nofollow">RBC</a>.
<figure class="wp-block-image"><img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfZfQlJR5lpdJggQ4WjCYpNgYEGVXlYNjcDvBAcLENG48C8tEHGtN5vWV7VTjf8H9e90wiqa9-diqTd8iADn6ztaDDxWOfGkV7_xy0bsIypxj0kp3IW03RDdc_dm86AswhBKuuWI5TXgk47GSJSJse-1KsE?key=APLzgIEH5rcVrKjwGcwD3w" alt="">
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The graph indicates that transaction fees spiked dramatically on June 7 at 18:09, reaching 5.424 BTC, equivalent to $387,141 USD.&nbsp;
The increase in transaction fees has significant implications for Bitcoin users. The surge in fees hinders Bitcoin's accessibility and scalability as a regular means of payment, especially for smaller transactions. It also makes it difficult for users to hold and move small amounts of Bitcoin due to the high costs. This could potentially lead to a sell-off from frustrated users, impacting the overall market.

Bitcoin Block Fees Spike to 5.56 BTC Amid Increased Network Activity

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