Bitcoin transaction fee falls below $1

As of August 22, the average transaction fee in the Bitcoin network stood at $0.825. The metric fell below one dollar for the first time since July 2020.

The network hash rate declined from the mid-July peak at 231.4 EH/s to around 206 EH/s.

Mining difficulty fell since May, when it reached a record high of 31.25 T. The indicator turned toward recovery in early August, and at the time of writing its value stood at 28.35 T.

Mining revenue for the first cryptocurrency miners, the share of fees which traditionally accounts for a significant portion, fell in June by 26%, and in July — by another 9%.

Against this backdrop, the capacity of Bitcoin’s micropayment network Lightning Network Lightning Network continued to grow, intended to reduce fees. In the first month of summer the indicator rose by 2.2%, and the next month increased by 10% and reached 4419 BTC.

In the Ethereum network, the average base fee at the time of writing stood at $0.39.

Revenue for the second cryptocurrency miners, whose fee share traditionally accounts for a substantial portion, declined in the summer more than Bitcoin miners. In June losses amounted to 52%, and in July — a further 4%.

According to the Bitcoin Mining Council, Bitcoin mining energy efficiency rose by 46% over the year. The organisation brings together miners with a total hashrate exceeding 50% of the network.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analytics.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analytics.