From https://bitcoinfees.earn.com/ I can see a list of bitcoin satoshi fees/byte

From https://thenextweb.com/hardfork/2018/07/12/bitcoin-block-size/ I can see that we can have block sizes of up to 2mb with segwit.

If I assume that segwit adoption increases in the next year, then I will base all calculations on the block size being ~2mb.

How do I back-of-envelope calculate total fees in bitcoin spent daily?

Assuming 6 blocks / hour, & with 24 hours in a day, is it:

~satoshiFee * 2m * 6 * 24

Which, assuming an average satoshi fee of 10 (using https://bitcoinfees.info/)


10 * 2m * 6 * 24

And in BTC that's divided by 10^8, so we'd get:

20m * 144 / 10^8 = 28.8

Is that correct?


Yes that look correct.

From https://bitcoinfees.info/, the current average fee rate listed at the bottom of the chart is 24 satoshis/byte. To calculate the total fees in a day you want fee rate * total bytes = total satoshis.

Assuming 2MB block size,

fee rate = 24 satoshis/byte
total bytes = 2MB * 6 * 24 = 288MB

total btc = total satoshis / 1e8
total btc = (24 * 288M) / 1e8 = 69.12 BTC

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