Network fees on the Bitcoin blockchain have fallen to levels not seen since October 2023, more than 250 days.
The average transaction processing fee has remained below $2 over the past two weeks. According to bitinfocharts.com, the current average transaction fee is 0.000026 BTC or $1.54, which equates to 15.5 sat/vB.
The median fee is 0.000013 BTC, or $0.753 per transaction, which equates to 7.6 sat/vB. According to Mempool.space, a high priority transfer is priced at 9 sat/vB, or $0.76, with some transfers costing as little as 2 sat/vB, or $0.17 per transaction. Transactions below 2 sat/vB are moved to the mempool to await confirmation.
As of Sunday, July 14, there were 164,641 unconfirmed transactions in the mempool. The average block fee ranges from 0.05 BTC to 0.15 BTC, with most blocks being below 0.1 BTC.
Reduced BTC transactions have led to a significant drop in the price per hash, the estimated cost of hashing power at 1 petahash per second (PH/s). The hash price is currently just under $50, indicating that Bitcoin miners continue to be under significant pressure.
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Source: Cryptocurrency
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