Bitcoin’s cumulative transaction fees surpass $1B milestone

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Bitcoin’s cumulative transaction fees surpass $1B milestone

It was going to happen sooner or later, but over the past few days cumulative Bitcoin BTC transaction fees have surpassed the $1 billion milestone.

Data gathered by Hard Fork from financial and economic data site Quandl, shows the $1 billion mark was passed late last week, on October 11.

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While it’s not necessarily the most significant statistic, it’s certainly an indicator of Bitcoin‘s continued use over time. Big upswings in fees can indicated big upswings in network use and competition to have transactions mined.

Bitcoin fees vary based on the overall use of the network. As a general rule, the more the network is used, the greater the fees will become. As network use decreases, so do transaction fees.

The fastest period of growth toward the $1 billion milestone was during the infamous 2017-2018 winter bull run.

In December 2017, average Bitcoin transaction fees increased to nearly $55, according to BitInfoCharts. This is a stark comparison to the past four weeks, which have seen an average transaction fee of somewhere around $1.

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