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