Onchain Bitcoin Fees Drop to 10-Month Low: A Detailed Analysis

Onchain Bitcoin fees have declined to their lowest levels since October 2023, marking a period of over 250 days. Over the past two weeks, the average cost to execute a transaction on the Bitcoin blockchain has consistently remained below $2 per transfer. Data from bitinfocharts.com reveals that the average fee is currently 0.000026 BTC, equivalent to $1.54 or 15.5 sat/vB (satoshis per virtual byte).

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Current Fee Statistics for Onchain Bitcoin Transactions

The median fee for onchain Bitcoin transactions stands at 0.000013 BTC, or $0.753 per transaction, which translates to 7.6 sat/vB. According to mempool.space, a high-priority transfer is priced at 9 sat/vB or $0.76, with some transactions paying as low as 2 sat/vB or $0.17 per transaction. Transfers priced below 2 sat/vB are accumulating in the mempool, the backlog of unconfirmed transactions.

As of Sunday at 12 p.m. EDT, there were approximately 164,641 unconfirmed transactions in the mempool. The average fees per block range from 0.05 BTC to 0.15 BTC, with most blocks falling below the 0.1 BTC threshold.

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Impact on Bitcoin Miners Due to Low Onchain Bitcoin Fees

The combination of lower onchain Bitcoin fees and a decreased price of Bitcoin has led to a significant reduction in the hashprice, which is the estimated value of 1 petahash per second (PH/s) of hashing power. Currently, the hashprice is below $50, standing at $48.62 per petahash, indicating that Bitcoin miners are experiencing substantial financial pressure.

News Source:- bitcoin.com