OKX’s experimental program on Bitcoin’s network has led to a dramatic increase in transaction fees, pushing the average cost to over $50 per transfer.
On Friday, Bitcoin transaction fees skyrocketed, with data from mempool.space indicating an average of $52 per transaction. This surge necessitated the payment of over 5.4 BTC (approximately $400,000) to miners for a single block generation. The anomaly in transaction fees was traced back to crypto exchange OKX, which admitted to testing a new "collection program" on the Bitcoin network.
The revelation came from OKX's Chinese account on X, formerly known as Twitter, where they confirmed their involvement and announced the termination of the test. However, the specific mechanism through which OKX influenced the Bitcoin network's fee structure remains undisclosed.
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First found on: Crypto news from Coinatory
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