Bitcoin News on Nostr: Bitcoin network transaction fees temporarily soar to nearly $52The network is ...

Bitcoin network transaction fees temporarily soar to nearly $52The network is currently experiencing temporary congestion due to over 300,000 unconfirmed transactions waiting to be processed on Friday morning.

The Bitcoin network is currently experiencing a sharp increase in network fees driven by 332,000 unconfirmed transactions as of 12:05 pm Eastern Time on June 7.Network fees at the time hit 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices climbing to around 520 sats per transaction earlier in the day. In United States dollars, this represents $50–$52 in fees per transaction. Priority fees have since dropped to around $46 per transaction.

*A snapshot of the high network fees on Friday morning. Source: Bitcoin Mempool block explorer*