Bitcoin Saw First Ever Block to Have Higher Transaction Fees Than Block Subside

Joe Burnett, head analyst at Blockware, said on Twitter that due to competitively high block space demand, Bitcoin had its first ever block that contained transaction fees greater than the block subsidy. Block 788,695 had 6.7 $BTC transaction fees, higher than the block subsidy at 6.25 $BTC. Such a situation then happened two more times afterwards, which were block 788,700 and 788,702.

The Bitcoin network is having great congestion currently, with Binance paused Bitcoin withdrawals twice within 12 hours. According to BTC.com, on May 7th, the Bitcoin transaction fees were more than 403.9 $BTC. As a comparison, a week ago, on April 30th, the daily transaction fees were only around 47.6 $BTC. In addition, the number of unconfirmed transactions is close to 330K.

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