The Transaction fees for Following the quadrennial The flurry of activity on Bitcoin’s network often made the transaction fee more expensive than the amount of money being sent, Bitcoin transaction fees go up when more people use the network because they are part of the way transactions are prioritized. Everyone wants their payment to be processed as quickly as possible, given the notorious volatility of BTC.If the network is busy, more users will pay a premium for Bitcoin miners are increasingly large operations—usually operating warehouses full of computers—that work to mint Bitcoin and process transactions. They are rewarded for each block they process on the network, but that reward was slashed in half in the halving.In order to remain profitable, mining operations need to become more efficient. But in the meantime, higher fees certainly helped.Bitcoin touched a new all-time high of $73,737 last month but stands at $59,248 as of writing, a drop of nearly 20%, according to CoinGecko.Edited by Ryan Ozawa.
