Blocks Full, Fees Down. How does that even work?
#Bitcoin blocks: >150% utilized vs. legacy 1MB baseline (SegWit magic since 2017). Daily fees? Just ~2.65 BTC today.
I plotted this 2011–today view
Discussion
Mid-2024–Now: Blocks are packed but fees -97% from peaks.
My take: It’s all about urgency—or lack thereof. In Bitcoin, “urgency” hits when high-time-preference users (think retail rushing payments) bid up fees. But now? Low time preference rules: Big players like exchanges batch their transactions and wait through congestion, no rush.
Low fees? Miners don’t seem to care—hashrate’s still climbing (~1,066 EH/s, near ATH).