HomeCryptoBitcoinBitcoin: block size and SegWit transactions steadily increasing

Bitcoin: block size and SegWit transactions steadily increasing

According to the data reported by Diar, the weekly magazine that carries out in-depth analyses on digital currencies, the blocks of Bitcoin are gradually increasing in size following the line imposed by SegWit.

Increased revenue for bitcoin miners

According to the published data, Bitcoin miners collected a total of $291 million in April alone, up 30% compared to the previous month.

Revenues for miners were down since August 2018 when the price of bitcoin went from $8,000 to $6,000 in a short time, causing problems for the less equipped mining farms.

Out of the total of 291 million, gains from fees alone amounted to 13.7 million, which also rose sharply (+250%) compared to the previous month.

Rising percentage of Segwit transactions

As you can see from the chart below, Segwit transactions are constantly growing and as a result, the standard size of Bitcoin blocks is also increasing. In April, the average block size reached a record level of over 1.2 MB.

The red line in the chart shows the percentage growth in the number of SegWit transactions within a block.

It’s interesting to see how the number of transactions has been steadily increasing for more than a year after reaching a low in February 2018.

The historic high of 11.2 million transactions reached during the month of December 2017, in which bitcoin was worth over $19,000, no longer seems to be an unreachable goal.

A slight increase in fees

Currently, the fees required are much lower than in the past. They are 84% lower than the highs recorded in the first few months of 2018 when the 500 Sat/byte were reached.

Only during the past month has there been a slight increase in fees compared to the previous average. Reaching 79 Sat/byte and tripling the costs of the previous month.