On July 7, Bitcoin transaction fees reached their lowest point in four years, dropping to $38.69. This marks a return to fee levels last seen during the peak of the COVID-19 pandemic in 2020.
The average cost per Bitcoin
BTC
transaction on that day reflects miners’ revenue and the total number of transactions processed. With Bitcoin trading above $58,200, reduced transaction costs were influenced by decreased demand for block space and data volume.
Miners remain profitable amid lower fees
Bitcoin miners handled 673,752 transactions across the network on July 7, with BTC accounting for 89.7% of these transactions. Other protocols, such as Ordinals (0.7%), BRC-20 (4.1%), and Runes (5.4%), made up the remaining bandwidth.
Despite lower transaction fees, miners maintained profitability due to reduced network difficulty, allowing them to process transactions with less computational power compared to previous periods.
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