The sharp increase in Bitcoin transaction fees may be due to the power outage in the northwest, reducing the transaction backlog

Wu said blockchain learned that according to CryptoQuant data, Bitcoin mining fees have increased significantly, and the sum of all fees paid to Bitcoin miners has reached $16.76303 million. According to qkl123 data, the average single Bitcoin transaction fee is 0.00108 BTC. The number of users transferring money in a short period of time has increased, and there are too many unpackaged transactions, resulting in transactions queuing in the block network. The number of transactions that the network can process within a certain period of time is always limited. Users who are anxious to transfer money will increase the mining fee to make their transactions packaged as soon as possible. The core reason is that the power outage inspection in northwest China has reduced the computing power of the entire network, but the difficulty adjustment speed is slow and has not been completed, resulting in a backlog of transactions.