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Average Bitcoin (BTC) Transaction Fee Plunges Below $1 in August 2022

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GETBLOCK

August 25, 2022

2 分鐘閱讀

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Bitcoin (BTC) nodes are incredibly cheap for money transfers
According to the statistics shared by automated analytical services, Bitcoin (BTC) transaction fees dropped below multi-year lows.

Bitcoin average transaction fee chart

Last Friday, Bitcoin (BTC) average transaction fees dropped below $1 for the first time since June, 2020. During the weekend, this metric continued to plunge. By press time, it is sitting below $0.9.

Should this dropdown continue, Bitcoin (BTC) average transaction fee can touch $0.55 which is absolute low for this crypto cycle started by third BTC halving in May, 2020. In August, one more metric of Bitcoin (BTC) plunged to multi-month lows: its transactions count dropped to January level.

Bitcoin (BTC) hashrate fails to reach previous highs

By the way, the most crucial network for Bitcoin (BTC) nodes - aggregated hashrate of the network - fails to set new highs. In June, 2022, it spiked over 253 EHash/sec while today, it hardly stays above 200 EHash/sec.

However, the Bitcoin (BTC) Hash Ribbon indicator says that miners' capitulation may be over. For the first time in many months, the 30-day moving average of Bitcoin (BTC) hashrate crossed the 60-day moving average from the bottom. Typically, it means that miners are optimistic about the prospect of ‘Digital Gold’.

Bitcoin (BTC) nodes by GetBlock: Fast and secure endpoint to largest blockchain

As Bitcoin (BTC) enthusiasts are optimistic about its mid-term performance, the right moment has come to integrate Bitcoin (BTC) API into exchange, wallet, trading bot, and so on. GetBlock offers reliable and cost-efficient shared and dedicated nodes of Bitcoin (BTC).

Shared nodes of Bitcoin (BTC) network can help blockchain developers to work with both testnet and mainnet using cutting-edge Bitcoin Core v22.0 software.

Company

GETBLOCK

August 25, 2022

2 分鐘閱讀

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