Bitcoin
Bitcoin Network Transaction Fees Temporarily Rise to Nearly $52 – TradingView News
The Bitcoin network is currently experiencing a sharp increase in network fees, driven by 332,000 unconfirmed transactions as of 12:05 pm ET on June 7.
Network fees at the time reached 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices rising to around 520 sats per transaction earlier in the day. In US dollars, this represents between $50 and $52 in fees per transaction. Since then, priority fees have dropped to about $46 per transaction.
According to blockchain reporter Colin Wu, the 332,000 unconfirmed transactions are suspected to be the result of OKX centrally collecting and sorting wallets, although this has not been confirmed at the time of publication. Cointelegraph
Post-halving economy and the challenge for Bitcoin miners
Concerns surrounding miner difficulty, high network fees, and miner profitability on the Bitcoin network have gained increased attention following the halving.
The reduction of the 6.25 Bitcoin block reward 
Bitfarms reported a 42% drop in mining revenue for the month of May – the first full month since the last halving event. The Bitcoin mining company disclosed in its month-end report that 156 BTC were earned in the month of May, compared to 269 BTC in April.
The Bitcoin mining company also explained that temperatures at its facilities in Argentina were exceptionally low in May – recording some of the worst weather conditions in 44 years. These poor weather conditions caused the company’s facilities in Rio Cuarto to close for eight days, contributing to a drop in the total number of Bitcoins mined.
Since the start of 2024, Bitcoin miners in the US have spent a total of $2.7 billion on electricity, despite increased computing difficulty and lower rewards.
According to analyst Paul Hoffman, “Since the beginning of 2024, Bitcoin mining in the US has consumed a massive 20,822.62 GWh of electrical energy.” The analyst added that just the amount of energy used by Bitcoin miners since the beginning of 2024 could power 1.5% of US homes for an entire year.
In April, it took an average of $52,000 to mine a single Bitcoin. After the halving, the cost of mining a single Bitcoin more than doubled to an average of $110,000.
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