Bitcoin transaction fees plummet by almost 84%

Bitcoin transaction fees plummet by almost 84%
CONTENT

  • BTC transaction fees plummet by more than 80%.

  • The maximum commission was fixed after the halving.

  • On May 20, the commission was $ 6.647.

International consortium of news organizations developing transparency standards.

Average Bitcoin Transaction Value Drops Significantly From Post Halving High.

Bitcoin transaction fees plummet by almost 84%

The size of the commission for a transaction with bitcoin has reached the lowest level since April 28 and, according to Bitinfocharts, the seisas is only $ 1.083.

A little more than two weeks ago, on May 20, the transaction cost $ 6.647 – this is the maximum value in almost two years, which was last recorded in July 2018.

In other words, the average bitcoin transaction size has decreased by 83.7% since May 20..

The jump in transaction value towards the end of May coincided with the hype surrounding the Bitcoin halving on May 11. After the halving, the reward for mining new coins has been halved as part of the policy in the BTC protocol, which simultaneously cuts the revenues of miners in half.

Bitcoin transaction fees plummet by almost 84%

Combined with the revival of demand for bitcoin, associated with the expectation of a rise in the cryptocurrency rate after the halving, with an eye to the two previous halving, this led to a sharp increase in the demand for processing bitcoin transactions..

But as more powerful miners entered the market, as evidenced by the sharp increase in the hash rate on the Bitcoin network over the past couple of days, there are enough miners in the industry to satisfy requests for processing transactions..

Despite falling more than 80% from the May 20 level, the current average Bitcoin transaction fee is much higher than at the beginning of this year. On January 1, processing a transaction with the main digital currency cost only $ 0.287.

This means that today’s figure is still 277% higher than January 1. However, if this trend continues, the average commission may fall to the levels of the beginning of the year..

Do you think the fee for Bitcoin transactions will continue to decline? Share your opinion in the comments and join the discussion in our Telegram channel!

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