NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Block 788695: The Day Transaction Fees Took The Crown

Mudiaga Iritare
Mudiaga Iritare
2 years ago
3 mins read
Bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin, the largest cryptocurrency by market capitalization and trading volume, sets another record with Block 788695 as transactions on its blockchain network spiral out of control.

Recently, there has been an alarming rise in user transactions on the Bitcoin blockchain, leading to network traffic and congestion. This has increased miner profitability significantly as transaction fees skyrocket to control the situation.

In an interesting development witnessed by the crypto community yesterday, miners were seen to have profited highly as transaction fees contained in Block 788695 surpassed the block subsidy. This will be the second occurrence for the Bitcoin network where transaction fees contained in a block are greater than the block subsidy.

Related Reading: BRC-20 Token Standard A Hotspot For New Memecoins As PEPE Soars

Bitcoin Block 788695 Sets Another Record

According to Bitcoin mining data reports from Mempool, transaction fees contained in Block 788695 were seen to be greater than the Block subsidy. The reports show that 6.7 BTC in transaction fees were contained in Block 788695, greater than the 6.25 BTC block subsidy.

 

Bitcoin

The last time this occurred was in 2017 when transaction fees contained in Block 500546 were reported to have surpassed the block subsidy. This phenomenon occurs primarily when the Bitcoin blockchain network receives exceedingly high network activity from user transactions.

Miners are seen to profit highly from these congested blocks, which contain high user transactions compared to regular blocks. They create blocks by collecting transactions from the Mempool and adding them to a block, and once the blocks are filled, it goes through complex mathematical computations. The miner who solves the math problem is rewarded with transaction fees and the block subsidy.

Related Reading: Why Is Bitcoin Down Today? Crypto Market Takes Another Hit

The block subsidy refers to the amount of new Bitcoin created or minted in each block. For each block successfully created, the miner is allowed to mint a fixed amount of new Bitcoin, which is based on the ‘current issuance rate decided by the Bitcoin protocol.’

The Bitcoin block subsidy amount is determined by an algorithm in its source code and starts at 50 BTC per block, which is split in half every four years. The split process of the block subsidy, otherwise known as BTC halving, has trickled down to 6.25 from it 50 BTC where it started and is expected to be split further in 2024.

Why Are BTC Transaction Fees On The Rise?

The jump in BTC transaction fees can be attributed to recent user activities on its blockchain network. For one, the introduction of the BRC-20 token standard on the Bitcoin network for seamlessly minting fungible tokens has gained increased popularity in the blockchain and crypto community.

The recent hype of tokens, including meme coins minted using the BRC-20 standard, has led to increased FOMO of users carrying out multiple token purchases and transactions on the Bitcoin network.

Bitcoin

BTC price opens on a negative on the daily chart timeframe | Source: BTCUSD on TradingView.com
Featured Image from Istock & Mempool, Chart from TradingView.com
Tweet123Share196ShareSend
Mudiaga Iritare
Mudiaga Iritare

Mudiaga Iritare

Mudiaga is a news writer and crypto analyst at NewsBTC bringing forward factual/engaging news and happenings around the world of blockchain and cryptocurrencies.

Read more

Mudiaga holds a bachelor degree in Environmental Sciences and has been involved in a number of environmental protection quests. He is passionate about writing and has produced hundreds of articles as a freelancer for blockchain/crypto projects prior to joining NewsBTC as a news writer.

Mudiaga loves and plays decent chess at leisure and sees himself beating grandmasters when an opportunity presents. His other interests include technical and fundamental analysis study, football and swimming.

You can find Mudiaga on Twitter with the username @Mudy6x

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

solaxy layer 2

Ste zamudili Solano leta 2020? Ne zamudite njene prve rešitve Layer-2

Ali Solana potrebuje rešitev Layer-2, kot je Solaxy? Z rastjo verige se pojavlja potreba po večji razširljivosti. Še en dan,...

Alenka Kovač 2 hours ago
Nová kryptomena mení pravidlá hry ako možná alternatíva k Bitcoinu

Nová kryptomena mení pravidlá hry ako možná alternatíva k Bitcoinu: „Skutočná inovácia“

V čase, keď klimatická kríza prestáva byť len témou pre vedcov a začína ovplyvňovať každodenný život bežných ľudí, sa čoraz...

Kováč Martin 3 hours ago
Vietnam legalizuje kryptomeny a Saylor radí Pakistanu s blockchainom

Vietnam legalizuje kryptomeny a Saylor radí Pakistanu s blockchainom: Najlepšie altcoiny na nákup

Globálny kryptomenový trh zažíva dynamické zmeny, pričom kľúčové regulačné posuny a strategické poradenstvo na najvyššej úrovni signalizujú rastúce prijatie digitálnych...

Kováč Martin 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum Holds Key Range Support – Bulls Set Sights on Higher Levels

Ethereum Holds Key Range Support – Bulls Set Sights on Higher Levels

Sebastian Villafuerte 1 hour ago

알트레이어(ALT), 업비트 원화·USDT 마켓 신규 상장

Soyeon Lee 1 hour ago
트럼프 ‘5,740만 달러’ 암호소득 모방하려면? 스테이킹 등 보상 중심 유망 알트코인은?

트럼프, 가상화폐 투자로 780억 원 수익 신고… 다음 유망 투자처는?

Soyeon Lee 1 hour ago

Premium Sponsors

Top Brands

Press Releases

  • 仮想通貨プレセール注目プロジェクト|ビットコイン連動の新トークンが脚光を浴びる

    ...

    2 hours ago
  • 仮想通貨おすすめ|話題のレイヤー2プロジェクト、5,300万ドル調達でプリセール最終段階へ

    ...

    2 hours ago
  • 新しい仮想通貨が急成長中のプレセールで100万ドル突破|今買うべき注目の格安トークンか?

    ...

    2 hours ago
  • ビットコインがAmazon・Tesla・Metaの合計を超えるも、次はミームコインにさらなる伸びしろか

    ...

    3 hours ago
  • アルトコインで100ドルが1万ドルに?ビットコイン13万ドル到達前に注目の5銘柄

    ...

    3 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.