Bitcoin fees increase as hash rate hits new high

Average transaction fees and hash rates are surging, even as BTC/USD holds above $11k heading to the monthly close

As Bitcoin’s price consolidates near $11,000, demand on the network has peaked. Data shows that average transaction fees have rocketed in the last few days in tandem with the recent spike in price.

After oscillating between $0.60 and $1.60 and averaging around $1.20, network fees have risen sharply to come within touching distance of previous highs.

Network data shows that the network fees have rocketed to $6, surging by almost 500% in a month.

Coinbase 4
Bitcoin fees increase as hash rate hits new high 1
Bitcoin transaction fees chart. Source: Blockchain.com

On July 30, the average transaction fees paid on the network was $6.06, which means the average transaction fee paid over the last seven days is close to hitting levels last seen in May; when network demand spiked in the wake of Bitcoin’s supply squeeze.

At the time, the price of the benchmark cryptocurrency rallied to the psychological $10,000 mark, which saw demand rocket. The climb consequently pushed the average fees paid to miners increase to yearly highs around $6.60.

Miner revenues are up

A surge in transaction fees means that miners have seen increased revenues over the past several days. Data from Blockchain.com indicates that miner revenue from transaction fees has rocketed to over $2 million, up from an average of $300,000 on July 1.

Meanwhile, the total value broadcasted across the network is at highs last seen in the days leading up to Bitcoin’s May halving.

According to on-chain data from Byte Tree, over $3.9 billion worth of transactions have been recorded on the Bitcoin network in the past 24 hours. The total transaction value is up by 57% over the past seven days, and by more than 14% over the last five weeks.

Bitcoin’s hash rate at an all-time high

With BTC/USD price above $10k, the network has also seen an upsurge in hash rate. The total computing power on the network has recently hit and continues to sit near an all-time high of 126 exahashes per second (EH/s).

Growing profitability for miners and the projected increase in price are likely to see the hash rate spike to a new all-time high.

Bitcoin fees increase as hash rate hits new high 2
Bitcoin hash rate chart. Source: Blockchain.com

If Bitcoin can hold its head above $10,000 and post a monthly close above $11,000, the crypto market will head into August teeming with bullish sentiment. Analysts are forecasting a run to prices above $14,000 if bulls hold prevailing levels. Beyond that, Bitcoin will test its all-time highs at $20k.

BTC/USD is at the time of writing is trading just above $11,000 and is up 17% over the week.

Bitcoin fees increase as hash rate hits new high 3
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bitcoin
Bitcoin (BTC) $ 38,813.00
ethereum
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tether
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bitcoinBitcoin (BTC)
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litecoinLitecoin (LTC)
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,553 1.51 % 1.50 % 3.69 %
Ethereum2,786.9 6.44 % 6.24 % 21.18 %
Tether1.010 0.12 % 0.47 % 0.82 %
Binance Coin332.02 1.22 % 0.60 % 5.84 %
Cardano1.370 1.37 % 1.05 % 7.06 %
XRP0.7199 1.10 % 0.01 % 0.60 %
USD Coin1.010 0.26 % 0.32 % 0.49 %
Dogecoin0.1989 1.08 % 0.07 % 4.58 %
Polkadot18.85 2.36 % 2.05 % 29.59 %
Uniswap24.14 5.65 % 7.81 % 26.53 %

bitcoin
Bitcoin (BTC) $ 39,032.00
ethereum
Ethereum (ETH) $ 2,813.24
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 333.45
cardano
Cardano (ADA) $ 1.38
xrp
XRP (XRP) $ 0.724971
usd-coin
USD Coin (USDC) $ 1.01
dogecoin
Dogecoin (DOGE) $ 0.199881
polkadot
Polkadot (DOT) $ 19.15
uniswap
Uniswap (UNI) $ 24.52