Bitcoin transaction fees have surged significantly in the past 24 hours, with the average fee reaching $19.20 per transfer.The increase in fees can be linked to a backlog of transactions trapped in the mempool, as over 440,000 unconfirmed transactions are currently awaiting confirmation.Block Reward Dethroned: Bitcoin Transaction Fees Surpass Mining Subsidy for the First Time Since 2017 On Sunday, May 7, 2023, bitcoin transaction fees exceeded the block reward for the first time since December 2017 at block height 788,695.
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