Average Bitcoin Transaction Fees

Skyrocket to $19.20 per Transfer as Over 440,000 Transactions Remain Unconfirmed

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. Subsequent block

Coinbase is considering UAE for its international hub

Coinbase CEO Brian Armstrong praised United Arab Emirate's (UAE) progressive regulatory efforts in the crypto space.

US-based crypto exchange Coinbase is considering using the United Arab Emirates as the hub for its international service in the Middle East and other nearby regions.

heights 788,700 and 788,702 also witnessed fees surpassing the subsidy.

At present, over 440,000 bitcoin transactions are pending confirmation with 193 blocks left to mine for clearing them all. Fees soared past the $25 mark per transaction on Sunday, and current data displays an average fee of

In a May 8 tweet, Coinbase’s VP of International & Business Development, Nana Murugesan, said the country has the potential to be a strategic hub for the exchange.

The exchange’s CEO Brian Armstrong praised UAE’s progressive regulatory efforts in the crypto space. He said:

“[UAE has the] first dedicated crypto regulator in the world, a clear rule book published (!), businessfriendly plus strong customer protections.”

0.00069 BTC or $19.20 per transaction.

According to bitinfocharts.com data, the median-sized fee is 0.0004 BTC or $11.05 per transfer. Highpriority transactions are paying upwards of $22.90 per transaction and individuals are paying $19.95 for mediumpriority transactions.

According to the post, UAE has become the center of web3 innovation and a “key hub in the Middle East, Africa, and India as we explore crypto use cases that are relevant for the broader region.”

Due to its location, large expatriate population, state of the economy, other demographic qualities, and regulatory clarity on crypto — Coinbase believes it is an ideal country for investment.

Why

Coinbase

Wants To Expand To

UAE

In a May 8 blog post, Murugesan explained why the exchange was thinking of expanding to UAE.

“[UAE] serves as a particularly strategic bridge between Asia and Europe – two of our existing focus international regions to date.”