The report additionally notes that Bitcoin miners attained $13.7 Mln from transaction fees solely – around 71% up from $3.9 Mln – the amount they made up from the fees within the previous month. The overall mining earnings earlier in the month of April were about $291 Mln, nearly up by 30% compared to March.
The On-Chain transaction volume has reportedly hiked 43% during April and resulted in full blocks, whereas SegWit approached around 40% of the entire transactions per block and blocks frequently exceeded the one -megabyte block limit. For comparison, the avg. SegWit usage was around 26%, earlier in 2018.
The number of On-Chain Bitcoin [BTC] transactions reported earlier in the month of April approached the all-time-high of 11.2 Mln transactions reported in Dec. 2017, 1-2 block confirmation times are around 84% lower than seen at the peak, Diar added. Moreover, the quantity of Bitcoin transferred On-Chain is still 1/3rd of the amount compared to the all-time-high.
The fees is expected to still increase considerably if the activity were to hit the identical level, with the report adding:
“Diar estimates that at the present SegWit usage levels, fees might go up as high as 300% should On-Chain movement of Bitcoins resemble that was seen in at the end of 2017.”
Moreover, the report added that the fees would be over 55% cheaper than in Dec. 2018, since SegWit is functioning as supposed. Bitcoin ‘enforced‘ SegWit in 2016 by the means of a soft-fork.
As ‘reported‘ yesterday, bitcoin developer named ‘Pieter Wuille’ has revealed two proposals on GitHub for a Taproot Soft-Fork, with the aim to reveal less information, once a Bitcoin [BTC] transaction takes place.