Since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, with current on-chain fees at 15.5 satoshis per virtual byte (sat/vB), translating to $1.54 per transfer.
Bitcoin Fees Hit 10-Month Low
Bitcoin on-chain fees have fallen to levels not seen since October 2023, spanning over 250 days.
Over the past two weeks, the average cost to transact on the Bitcoin blockchain has stayed below $2 per transfer. According to data from bitinfocharts.com, the average fee is 0.000026 BTC, or $1.54, which equates to 15.5 sat/vB.
Average On-Chain Bitcoin Fees Drop Below $2, Lowest in Over 250 Days
The median fee is 0.000013 BTC, or $0.753 per transaction, translating to 7.6 sat/vB.
Mempool.space indicates that a high-priority transfer costs 9 sat/vB or $0.76, with some transfers paying as low as 2 sat/vB or $0.17 per transaction. Transactions below 2 sat/vB are moving into the mempool, the pool of unconfirmed transfers.
On Sunday at 12:00. EDT, there were approximately 164,641 unconfirmed transactions in the mempool. Average fees per block range from 0.05 BTC to 0.15 BTC, with most blocks falling below the 0.1 BTC mark.
The lower fees and the reduced price of BTC have resulted in a significantly reduced hash price, the estimated value of 1 petahash per second (PH/s) of hashing power. Currently, the hash price is below $50, at $48.62 per petahash, indicating that Bitcoin miners continue to face significant pressure.