Bitcoin (BTC) Transaction Fees Surge Unexpectedly: What’s Behind It
Bitcoin (BTC) transaction fees have skyrocketed to unprecedented levels, leaving users wondering what is causing the sudden surge. According to data, the main reason behind the congestion on the BTC network has been identified.
OKX has been making headlines for transferring a large number of Bitcoin Unspent Transaction Output (UTXO) to their hot wallet at a cost that is more than 10 times the average fee seen in the past 24 hours.
The Bitcoin network is currently facing significant congestion, with a massive backlog of transactions waiting to be confirmed in the mempool. This has led users to pay over 500 satoshis per byte for immediate transaction processing, amounting to approximately $50-100 for a standard transfer.
The high fee rates indicate that a substantial portion of the Bitcoin being consolidated by OKX is going towards miners. In one instance, a fee of $15,000 was paid to merge UTXOs worth only $48,000, which is more than 30% of the total value.
With over 330,000 unconfirmed transactions and memory usage reaching 1.35 GB, the Bitcoin network is under strain. There are concerns that OKX may be organizing and collecting user wallets, a move that has raised eyebrows in the cryptocurrency community.
Disclaimer: This article does not constitute investment advice.
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