Bitcoin transaction per second rate is currently at a rising level since dropping from its previous high on March 5th as coronavirus uncertainty increases.
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RISING BITCOIN TRANSACTION RATE
Data from Blockchain.com shows Bitcoin’s transaction rate is currently at 3.0 transactions per second (TPS). The figure represents a healthy rebound of BTC transaction rate since its recent high of 3.8 TPS in early March, which later dropped to 2.76 TPS on March 26th 2020 due to global Coronavirus pandemic.
After the initial price crash of March 12th 2020 that took BTC price to $4,500 the transaction rate also fell. However, since then, BTC’s TPS count has been rising steadily.
Despite the steady increase of Bitcoin TPS, its transaction fees have remained relatively stable on the lower end of the spectrum. In late 2017, as the daily transaction volume rose, so did the average fees paid to miners increase as well.
During the mainstream hyped bull market rally of late 2017, BTC fees topped $50 on average, a massive increase from sub-dollar levels before the price surge.
Bitcoin is a Proof-of-Work (PoW) blockchain and miners receive bitcoin as a reward (Tx fees) for confirming “blocks” of verified transactions which are added to the network.