In the field of digital currency, Bitcoin has always been one of the hot topics that has attracted much attention. However, a puzzling phenomenon has recently emerged: Bitcoin transaction fees have surged at 9 o'clock every night. This phenomenon has attracted widespread attention, and people have speculated on the reasons behind it. What exactly caused the Bitcoin transaction fee to surge at 9 o'clock every night? Let's explore it in depth.

 Trading peak caused by market fluctuations

As one of the most influential digital currencies, Bitcoin's price fluctuations have a direct impact on transaction fees. During the peak trading hours of each day, Bitcoin prices fluctuate frequently, and investors choose to trade during this period, resulting in a surge in trading demand. Especially at 9 o'clock every night, when trading is active worldwide, the trading volume has increased dramatically, pushing up transaction fees.

In addition, with the fluctuation of Bitcoin prices, some investors will choose to trade during periods of large price fluctuations in order to pursue profits, which has further exacerbated the surge in Bitcoin transaction fees at 9 o'clock every night. Therefore, market fluctuations are one of the important reasons for the surge in Bitcoin transaction fees at 9 o'clock every night.

 Intensified competition among miners' computing power

In addition to market fluctuations, competition among miners' computing power is also an important factor affecting Bitcoin transaction fees. In the Bitcoin network, miners compete to obtain the right to package transactions, and they usually choose to package transactions with high handling fees first. At 9 o'clock every night, miners compete fiercely. In order to obtain more transaction fees, they will increase the speed of transaction confirmation, resulting in an overall increase in transaction fees.

In addition, as the congestion of the Bitcoin network increases, miners will choose to pay higher handling fees to ensure that their transactions are packaged as soon as possible, which is also one of the reasons for the surge in Bitcoin transaction fees at 9 o'clock every night. Therefore, the intensified competition among miners' computing power has pushed up the level of Bitcoin transaction fees to a certain extent.

 Impact of exchange activities

In addition to market conditions and competition among miners' computing power, exchange activities are also one of the important factors affecting Bitcoin transaction fees. Many exchanges will launch various promotional activities at 9 o'clock every night to attract more users to participate in transactions. These activities often lead to a surge in exchange transaction volume, thereby raising Bitcoin transaction fees.

In addition, in order to improve their profitability, some exchanges will set different handling fee standards to attract more users to choose a fast transaction mode with high handling fees. This competitive handling fee setting will also indirectly lead to a surge in Bitcoin transaction fees at 9 o'clock every night. Therefore, the impact of exchange activities cannot be ignored, and it is also one of the important reasons for the surge in Bitcoin transaction fees.

 Conclusion

In summary, the reason why Bitcoin transaction fees surge at 9 o'clock every night is the combined influence of many aspects. Market fluctuations, miners' computing power competition and exchange activities have all driven the rise in Bitcoin transaction fees to a certain extent. For investors, understanding the reasons behind these can better avoid risks and grasp trading opportunities. I hope that the analysis in this article can help readers better understand the phenomenon of the surge in Bitcoin transaction fees and provide a reference for investment decisions. Let us stay vigilant, invest rationally, and seize opportunities in the digital currency market!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

The reason why Bitcoin transaction fees surge every night at 9 p.m. has been found! Researchers have found that around 9 p.m. Beijing time (9 a.m. New York time), the Bitcoin network's transaction fees surge and then gradually return to normal.

A researcher who calls himself OxB10C published an article saying that the reason is that the BitMEX exchange publishes a large number of transfer transactions at the same time every day at a fixed time.

The engineer believes that if the cryptocurrency derivatives exchange uses more efficient technology when broadcasting transactions, users can save up to about 1.7 bitcoins (worth more than $15,000 at press time) in fees per day, which is about 7% of the total daily fees paid.

0xb10c wrote in the report that "daily broadcast transactions have a significant impact on the Bitcoin network and user fees." When users send Bitcoin transactions, they need to pay a small fee. The fee fluctuates all the time, depending on the congestion level of the network. This is because there is a limited space for transactions. If too many transactions are sent at the same time, miners will prioritize those with higher fees. Those with smaller fees will have to wait.

0xb10c explained that BitMEX broadcasts thousands of transactions at once every day, causing temporary network congestion and resulting in an increase in transaction fees.

"BitMEX broadcasts several megabytes of transactions every day around 13:08 UTC (9:08 a.m. ET), mainly user withdrawals. This effect is immediately noticeable due to a spike in transaction fees." 0xb10c said his research showed that this situation has been going on since at least September.

Most Bitcoin wallets have a built-in fee estimator that estimates the fee users should add to transactions to ensure timely acceptance of transactions. If the network processes too many transactions at once and the fees are too small, transactions may take longer.

0xb10c added that while users obviously prefer lower fees, higher fees can enhance the security of the network, especially after the block reward is halved.

In response to 0xB10C’s research, Nic Carter, co-founder of crypto data provider CoinMetrics, said that “if exchanges adopt better practices, fees could be close to zero.” In addition to using SegWit, 0xB10C suggested that BitMEX use “output batching,” an old technique that squeezes multiple transactions into one transaction to save transaction space. He pointed out that BitMEX is moving in the right direction by planning to use SegWit, but they should not stop there.