Friday December 15, 2017
Total BTC mined: 0.39695259
Total BTC mined USD: $7014.00 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $0.00
Overall mined value once again passed $7000 as Bitcoin jumped roughly $1000/coin over the last 24 hours. Other Ethereum and Litecoin also rebounded while Ripple continues to gain at a near exponential rate. Yesterday’s pullback appears to be over and crypto is now heading back up but the more worrying thing heading up appears to be transaction fees.
The chart below is a two year graph of Bitcoin transaction fees and you can see the average fee scaled from roughly $0.03 USD to nearly $10 and doubled every 77-90 days. (I’d love to attribute it but I can’t find the username on Imgur).
The issue going forward for Bitcoin is that if someone makes a micro transaction for small items or paying friends then the transaction fees could end up being more than the amount itself and that’s one of the reasons that Steam decided to halt Bitcoin payments. This same transaction fee issue is also impacting my daily cloud mining with payments being withheld multiple times (including today) due to wallet transaction fees.
If Bitcoin or any other cryptocurrency is going to become the gold standard then scaling processes must absolutely take into account transaction fees/costs. There are a number of proposals for BTC that could address this issue while maintaining network fidelity but they could take months and potentially years to be implemented or result in additional forks that dilute the currency even further.
I’ll just keep holding my breath, watch the payments roll in and hope the minds that could build such a technology will find an agreeable solution to keep it running.
Today’s picture comes to us from Kana Natsuno