Onchain Bitcoin Fees in 2024: A Closer Look at Transaction Costs and Delays

Data gathered implicit the past 36 days reveals that the Bitcoin network’s mean transportation interest has consistently exceeded the $3.68 mark, portion costs for median-sized transactions person not dipped beneath the $1.67 threshold. As of Feb. 6, 2024, insights from Bitcoin’s transaction queue item a important backlog of 221,799 transactions awaiting confirmation.

Bitcoin Transfer Fee Insights From the First Five Weeks of 2024

Although web transaction fees successful 2024 are inactive substantial, they haven’t reached the peaks observed successful mid-December 2023, the latest information from Tuesday suggests. For example, connected Dec. 17, 2023, the highest average transaction fee soared to $37.67 per BTC transfer. The archetypal 5 weeks of 2024 person seen the mean interest stabilize astatine $9.39 per transaction crossed each 36 days.

2024’s highest time for Bitcoin’s web transaction fees occurred connected Jan. 2, marking the mean transportation outgo astatine $17.32 per transaction. Additionally, information indicates that the lowest mean interest successful 2024 fell to $3.68 per transaction connected Jan. 28. Average-sized bitcoin fees, determined by dividing the full transaction fees wrong 24 hours by the transaction count, springiness an wide consciousness of outgo but whitethorn beryllium influenced by importantly precocious oregon debased fees.

In contrast, median-sized bitcoin fees, identifying the cardinal worth successful a dataset of regular transaction fees erstwhile sorted, supply a much precise gauge of the emblematic disbursal for users, bypassing the distortion from outliers. Therefore, portion mean fees mightiness connote elevated costs owed to exceptional values, median fees much accurately bespeak the transaction costs astir users incur.

For 2024, the mean median BTC interest per transaction stands astatine $4.02, with Jan. 14 witnessing the highest interest time astatine $10.28 per transfer. The time with the lowest median-sized interest was Jan. 27, dropping to $1.67 per transaction. Currently, the interest complaint for high-priority transactions astatine 9:00 a.m. Eastern Time (ET) connected Feb. 6, 2024, is betwixt 18-29 satoshis per virtual byte. According to Mempool.space metrics, the mempool (Bitcoin’s transaction queue) is congested with 221,799 pending transactions.

In the past week, the mean transaction interest was astir $8.40 per transfer. The week’s highest interest time took spot connected Saturday, Feb. 3, with an mean outgo of $14.86, portion the lowest interest time was connected Jan. 30, plunging to $4.27 per transfer.

What bash you deliberation astir the Bitcoin network’s transaction fees successful 2024? Share your thoughts and opinions astir this taxable successful the comments conception below.