Bitcoin Transaction Fees Surge as Demand for the Network Rockets Higher

Demand for the Bitcoin network is beginning to take off, with the crypto’s ongoing price rise being the likely suspect behind this sudden uptick.

This has resulted in the cryptocurrency seeing a massive spike in its transaction fees, which have nearly reached the yearly highs that were set just after the mining rewards halving event took place in May.

How To Get Free Crypto  

Bitcoin’s hash rate has yet to decline and is still sitting right around its all-time highs. The high fees coupled with strong prices are making BTC mining increasingly lucrative, which could suggest that its hash rate is poised to see further growth in the near-term.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

Bitcoin’s Network Health Surges as Hash Rate and Transaction Value Rise 

Bitcoin’s prolonged consolidation phase within the lower-$9,000 region ultimately resulted in the benchmark digital asset incurring some strong momentum that led its price to highs of $11,400 that were set on Monday.

From this point on, BTC has been consolidating within the lower-$11,000 region.

This has caused the cryptocurrency to form an overtly bullish technical structure, with many analysts now calling for even further upside in the days and weeks ahead.

1xBit: anonymous betting, the best odds & a generous 7 BTC Welcome Bonus! NEWXBIT promo code to get a 125% 1st deposit bonus now!

Bitcoin’s price isn’t the only thing that is looking strong, as its network is also seeing growing strength as well.

Coinbase Banner  

Currently, BTC’s hash rate is sitting just below its all-time highs of 126 million terahashes per second (TH/s) that were set just a couple of weeks ago.

It has stabilized around this number, and it will likely start climbing higher in the near-term due to the growing profitability of mining the crypto. This growth may be tempered, however, due to recent difficulty adjustments.

The value being broadcasted across the Bitcoin network is also growing, currently sitting at its highest level seen since late-April.

According to data from, nearly $3 billion worth of transactions ran through the BTC network on July 27th.

Image Courtesy of

BTC Transaction Fees Hit Yearly Highs 

One result of the mounting demand for Bitcoin network space is rocketing fees.

FreeBitcoin Banner  

Over the past few days, BTC fees have hit levels not seen in well over a year. In total, $2.06 million in tx fees were paid to miners on July 27th.

Image Courtesy of

The last time fees were anywhere near this high was just after Bitcoin’s mining rewards halving in late-May.

This growing network demand suggests that BTC’s ongoing price rise is being driven by underlying strength.

Featured image from Unsplash.

Go to Source
Author: Cole Petersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.