The Federal Communications Commission (FCC) is auctioning off AWS-3 frequencies, and total bids have reached more than $36 billion, flying past the reserve price of $10.1 billion.

Bidding reached an impressive $24 billion more than a week ago, indicating how important this spectrum is to wireless operators.

The Federal Communications Commission is tasked with managing auctions when new blocks of spectrum are made available; this auction covers 65 MHz of spectrum, split into six different blocks as well as several geographic regions.

Bidders have not yet been made public, but most of the major wireless carriers are expected to be bidding for the extra bandwidth as smartphone use continues to rise.

The FCC will release the names of the bidders and winners once the auction has ended. The auction continues until bidding stops.

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FCC wireless spectrum auction reaches $36 billion and climbing

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