Bitcoin transaction fees have fallen to their lowest in 2020. On July 10, 2024, the cost of transferring funds on the blockchain dropped to 6 satoshi/byte, which is about $0.49 at the time of writing, according to data Mempool.
The fastest #Bitcoin The fee is currently 6 sat/vB. A simple transaction could have a fee of approximately 1,500 Satoshis, which would be $0.88. 🔍 Bitcoin #price is currently $58,753. Google trend is at 40/100 compared to the last 12 months. Current #blockheight height is 851,517.
— the 10th man (@AA_21000000) July 10, 2024
Thus, a typical transaction on the Bitcoin network will cost approximately 1,500 satoshi, which is $0.88, noted the expert from The 10th man.
Bitcoin Network Fees. Data: BitInfoСharts.
For comparison, after the Bitcoin halving in April 2024, this value crossed the $100 mark.
The cost of a transaction on the Bitcoin network is determined by two factors: the profitability of miners and the total number of transactions processed. On July 9, 654,037 transactions were processed on this blockchain, according to Ycharts.
The number of transactions in the Bitcoin network. Source: Ycharts.
About 90% of transfers are made using Bitcoin, another 10% are made using Runes, Ordinals protocols and BRC-20 tokens.
CryptoQuant experts have concluded that Bitcoin miners are showing signs of “capitulation” amid shrinking profits and a fall in the price of the first cryptocurrency.
Notably, in early July, the bankrupt exchange Mt. Gox paid just $4.6 to transfer $2.7 billion in preparation for paying out funds to customers.
[1/7] The Mt Gox estate moved $2.7 billion worth #Bitcoin for a $4.60 fee — Imagine trying to do this with any other asset. pic.twitter.com/6AfWdBw1mY
— mr.model.millionaire🤘💀👑 (@mrmodelmillion3) July 10, 2024
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Source: Cryptocurrency
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