Bitcoin transaction fees drop to $5.89

Bitcoin transaction fees have declined after surging above $18 per transaction twice last week. As of November 24, the average fee per transaction was approximately $5.89, and the median fee per transfer was $2.86. In October, miners received $885 million in rewards and fees. As of November 25, 2023, miners have earned a total of $945 million, including transaction fees and subsidies. As of 4:00 PM ET on Saturday, miners had accumulated $124.98 million from fees alone, excluding subsidies. This figure is close to the 2023 fee revenue record of $125.92 million set in May.