Bitcoin Transaction Fees Plummet to Four-Year Low since COVID-19 Pandemic

This post was originally published on Coinspeaker

The cost of transaction fees on the Bitcoin network is primarily determined by two major factors: miners’ revenue and the total number of transactions processed.

Bitcoin transaction fees have plummeted to their lowest level in four years. As of July 7, the average fee per Bitcoin transaction dropped to $38.69, a figure last seen during the height of the COVID-19 pandemic in 2020.

The COVID-19 pandemic dramatically increased the popularity of Bitcoin as investors sought alternative assets amidst global economic uncertainty. This surge in demand led to a significant increase in Bitcoin transactions, which, in turn, drove up transaction fees.

During this period, users faced higher costs to ensure their transactions were processed without delay. However, this trend has changed recently, with transaction costs dropping to $38.69.

Factors Influencing Transaction Fees

The cost of transaction fees on the Bitcoin network is primarily determined by two major factors: miners’ revenue and the total number of transactions processed. According to data from Ycharts on July 7, Bitcoin miners processed a total of 673,752 transactions on the Bitcoin network, with 89.7% of the transactions involving Bitcoin (BTC). This high volume helped reduce transaction costs on the Bitcoin network.

The remaining

Read the rest of this post, which was originally published on Coinspeaker.

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