Bitcoin’s (BTC) price rallied in October, gathering investors’ and cryptocurrency traders‘ attention. This has increased the demand for the Bitcoin Network, making transaction fees surge to more than the price of a Big Mac.
Finbold retrieved data from mempool.space on November 7 about the average fees paid to the Bitcoin Network in the last 144 blocks (24 hours).
Notably, users have paid an average of 0.00017510 BTC ($6,08) in fees per transaction and 0.5796 BTC ($20,131) per block. Bitcoin miners have collected 983.46 BTC ($34.16 million) in mining rewards in this period.
Bitcoin network reward stats (144 blocks). Source: mempool.space
Interestingly, the average fees per transaction surpassed the average price of a Big Mac in the United States. One Big Mac was priced at $5.58 USD in July 2023, according to the Big Mac Index by The Economist.
Why are Bitcoin network fees increasing?
The Bitcoin blockchain has a scarce block space, which limits the amount of transactions that can
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