Average Fee on Bitcoin Network Continues Decreasing

An average fee for a BTC transaction has reached its lowest level since April 28 and now it makes $1.007. Anyway, the fee still is by 277% higher than the average commission for a BTC transaction at the beginning of the year.

Average Fee on Bitcoin Network Continues Decreasing

According to the chart of Bitinfocharts, an average commission for a transaction on Bitcoin network has been continuing systematic decline since June 2 and today it has reached its minimum since April 28 — $1.007. Wherein, even in the first part of April an average fee was $0.10-$0.15. And on May 20 this mark increased to $6.647, breaking an almost two-year record — the last time such high commissions were on the Bitcoin network in July 2018.

Sharp growth of this mark is related to Bitcoin halving May 11, that has led to partial shutdown of BTC mining equipment and reduction of network hashrate. Wherein, the number of transaction remained the same, what led to increase of commissions. Besides, fees started growing even before halving of mining reward, this happened due to increased demand for BTC — the number of transactions grew because many people expected for increase of the first cryptocurrency price.

Despite decreasing of an average commission by 83% since May 20, fee on Bitcoin network now is much higher than it has been early in the year. January 1 BTC transaction cost only $0.287 on average. This means that today fixed average fee still is by 277% more than January mark. But if the current downward trend continues, this indicator may return to the January level.

Leave a Reply

Leave a Reply