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BTC - Total Tx Fees (USD)

Description

The Bitcoin Total Transaction Fees shows the cumulative fees paid in USD for each time period.

Bitcoin's USD Market Price is included for reference.

Pseudocode

for each block in blockchain:
  block.fees := sum(block.tx[].output[].sat) - sum(block.tx[].input[].sat)
  block.fees_usd := block.fees * btc_market_value
  (x,y) := (block.time, block.fees)

for each hour in blockchain:
hr_tx_fees := sum(blockchain[hr_start:hr_end].fees_usd)
(x,y) := (hour, hr_tx_fees)

for each day in blockchain:
day_tx_fees := sum(blockchain[day_start:day_end].fees_usd)
(x,y) := (day, day_tx_fees)

Technical Info

When a transaction is created, extra Satoshis are voluntarily included by the transactor that miners can claim, called fees. Fees are the incentive for a miner to prioritize one's transaction. They are found by subtracting the value sum of a transaction's outputs from it's inputs, and converted to USD using the BTC-USD valuation at the time of block creation. For this chart, these USD fees are simply added up for each data point's timeframe.

Higher cumulative fees indicate a strong user desire to transact. Historically, times of sustained high fees correlate to Bitcoin price movement.

The Satoshi-valued version of this metric is available on its own page. See related metrics.

Hourly and daily aggregations are derived from block data using sum for this metric.
Hourly data contains occasional gaps; no blocks were generated during these times.

Related Metrics

Disclaimers

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