Bitcoin

<a href="https://bitcoinworld.co.in/bitcoin-btc-transaction-fees-suddenly-reached-incredible-heights-heres-why/" title="Bitcoin (BTC) Transaction Fees Suddenly Reached Incredible Heights: Here’s Why" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">Transaction fees on <a href="https://bitcoinworld.co.in/bitcoin-btc-dips-again-temporary-setback-or-buying-opportunity/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) suddenly rose to 10 times normal. Here is the main reason for the hike on the BTC network, according to the data.</li>
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<a href="https://okx.com" rel="noopener noreferrer nofollow">OKX</a> is reportedly transferring thousands of Bitcoin Unspent Transaction Output (UTXO) to their hot wallet. This activity occurs at a cost of more than 10 times the average wage observed in the last 24 hours.
The Bitcoin network is currently experiencing significant congestion, with a staggering number of transactions awaiting confirmation in the mempool.&nbsp;
As a result, users are forced to pay over 500 satoshis per byte to execute a transaction immediately, or about $50-100 for an ordinary transfer.
This high fee rate means that a significant portion of the Bitcoin that OKX is trying to consolidate is paid to miners.&nbsp;
For example, in one transaction, a fee as high as $15,000 was paid to combine UTXOs with a total value of only $48,000, which is more than 30% of the total value.
Currently the Bitcoin network is plagued with more than 330,000 unconfirmed transactions and memory usage has increased to 1.35 GB.&nbsp;
Under these circumstances, OKX is suspected of sorting and harvesting user wallets, a move that has caught the attention of many in the cryptocurrency community.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Bitcoin (BTC) Transaction Fees Suddenly Reached Incredible Heights: Here’s Why

ItsBitcoinWorld

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