Bitcoin Fees Hit 10-Month Low

Since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, with current onchain fees at 15.5 satoshis per virtual byte (sat/vB), translating to $1.54 per transfer.

Bitcoin onchain transaction fees have dropped to levels not seen since October 2023, remaining below $2 per transfer onchain.

Currently, the average cost to transact on the Bitcoin blockchain is 15.5 satoshis per virtual byte (sat/vB), which equates to $1.54 per transfer. This fee is paid to miners to include a transaction in a block, and the higher the fee, the faster a transaction is likely to be confirmed.

The median fee is 7.6 sat/vB, or $0.753 per transaction, while high-priority transfers are paying 9 sat/vB, or $0.76. Some transfers are paying as little as 2 sat/vB, or $0.17 per transaction. However, transactions below 2 sat/vB are being moved to the mempool, the backlog of unconfirmed transfers.

As of Sunday at 12 p.m. EDT, there were approximately 164,641 unconfirmed transactions in the mempool. The average fee per block ranges from 0.05 BTC to 0.15 BTC, with most blocks under the 0.1 BTC mark.

The lower fees and BTC’s lower price have resulted in a significantly reduced hashprice, the estimated value of 1 petahash per second (PH/s) of hashing power. Currently, the hashprice is under $50, at $48.62 per petahash, indicating that bitcoin miners continue to face significant pressure.