The average bitcoin transaction fee fell below $1

The average bitcoin transaction fee fell below $1

Average commission for bitcoin transaction fell below $1

As of August 22, the cost of the average transaction fee on the bitcoin network was $0.825. The indicator fell below the dollar for the first time since July 2020.

The average bitcoin transaction fee fell below $1

Data: Blockchain.com.

The network hash rate has dropped from its mid-July high of 231.4 EH/s to levels near 206 EH/s.

The average bitcoin transaction fee fell below $1

Data: Blockchain.com .

Mining difficulty has been falling since May, when it reached a record high of 31.25 T. The indicator moved to recovery in early August, at the time of writing, its value is 28.35 T.

The collapse in the price of the first cryptocurrency led to a drop in income miners in June by 26%, and in July – by another 9%.

Against this backdrop, the capacity of the Bitcoin Lightning Network micropayment network, designed to reduce fees, continued to grow. In the first month of summer, the indicator added 2.2%, and in the next it grew by 10% and reached 4419 BTC.    

In the Ethereum network, the average size of the base commission at the time of writing was $0.39. 

Average bitcoin transaction fees dropped below $1

Data: Etherscan.

The income of miners of the second cryptocurrency, the share of fees in which traditionally makes up a significant part, fell deeper in the summer than that of bitcoin miners. In June, the losses were 52%, and in July – another -4%.

How the collapse of the price of bitcoin affected large miners and what going on

Recall that the Bitcoin Mining Council has calculated that the energy efficiency of bitcoin mining has increased by 46% over the year. The organization unites miners with a total hash rate of more than 50% of the network.

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