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The average amount of commissions in the Bitcoin network continues to decline

The average amount of commissions in the Bitcoin network continues to decline

The average BTC transaction fee has reached its lowest level since April 28 and is now $1.007. However, it is still 277% higher than the average BTC transaction fee at the beginning of the year.

According to the Bitinfocharts chart, the average transaction fee on the Bitcoin network has continued to decline steadily since June 2 and today reached the lowest since April 28 – $1.007. At the same time, in the first half of April, the average Commission amount was $0.10-$0.15. Recall that on may 20, this figure rose to $6.647, breaking a nearly two-year record – the last time such high commissions were in the Bitcoin network in July 2018.

The sharp increase in the indicator is associated with the holding of Bitcoin on may 11, which led to a partial shutdown of equipment for mining BTC and a decrease in the hashrate of the network. However, the number of transactions did not decrease, which led to an increase in commissions. In addition, commissions began to rise even before the mining reward was halved due to increased demand for BTC – the number of transactions increased, as many were waiting for the price of the first cryptocurrency to rise.

Despite the 83% decrease in the average Commission amount since may 20, the transaction fee on the Bitcoin network is now much higher than at the beginning of the year. On January 1, a BTC transaction averaged just $0.287. This means that the average Commission rate recorded today is still 277% higher than it was on January 1. But if the current downward trend continues, this indicator may return to the January level.