Expensive Transactions: Fees Significantly Increased On BTC And ETH Networks

In July, the fees in the Bitcoin network increased significantly, a similar picture is observed in the Ethereum network.

Bitinfocharts data

So, BTC fees grew 7.5 times over the month, and ETH - 2.8 times. The data appeared on the official website of the blockchain browser bitinfocharts.com.

Bitcoin fees

For example, at the end of June, the average fee on the Bitcoin network was 68 cents, and now it is $5.8. Although this figure has grown significantly, it is still very far from the historical maximum, recorded in December 2017, then fee for one transaction was $55.

Ethereum fees

The brainchild of Vitalik Buterin also became more expensive in service, but the numbers are much lower: the fee has grown from 50 cents to $1.9, which is only 280%.