With the increasing interest in blockchain networks, the Bitcoin ecosystem recently experienced a significant drop in transaction fees. After a period of transaction fees surpassing $18, the average transaction fee on November 24 decreased to approximately $5.89, while the transfer fee dropped to $2.86 per transaction.
The observed transaction fee data on November 24 showed a significant decrease compared to the previous day, averaging $5.89 per transaction. Fluctuations in block space costs have attracted users’ attention in recent weeks.
According to data from Dune Analytics, more than 475,000 transactions were conducted on the Bitcoin network on November 19, surpassing previous records, and the daily transaction numbers exceeding 300,000 continued to draw attention. On November 24, approximately 347,791 mining transactions were processed, while on November 25, Bitcoin miners processed over 280,000 transactions.
Based on transaction fee data obtained from the Mempool, the estimated cost for an unconfirmed low-priority transaction was approximately $1.17. On the other hand, a high-priority transaction costs 45 sat/vB, which is around $2.38 per transaction.
Additionally, according to the obtained data, Bitcoin miners’ revenue for the month of November has already surpassed the figures from the previous month before the month ends. In October, Bitcoin miners earned approximately $880 million worth of Bitcoin from their operations. As of November 25, miners have earned a total of $945 million from transaction fees. Only on November 25, Bitcoin miners made profits of over $124 million from transaction fees. This figure indicates approaching the record fee revenue of 2023, which was slightly above $125 million in May.