Bitcoin Network Transaction Fees Temporarily Spike

The Bitcoin network experienced a sharp rise in transaction fees on June 7, largely driven by 332,000 unconfirmed transactions. According to blockchain analyst Colin Wu, the processing backlog was caused by crypto exchange OKX, which seemed to have been collecting and sorting through wallets. At their peak, high-priority transactions cost 514 sats to process, whereas low-priority transactions cost 513 sats. Transaction fees amounted to $50 to $52 in U.S. dollar terms. This spike in fees is a result of the network’s fourth halving event in April, which reduced the block reward from 6.25 BTC to 3.125 BTC. Read more at CoinTelegraph.