The average fee for a Bitcoin transaction has dropped significantly from the levels it was after Halving.
The average fee has hit its lowest value since April 28, and is currently around $ 1,083, according to data from Bitinfocharts.
A little more than two weeks, on 20th of May, the average fee for Bitcoin transaction was $ 6,647. This is the highest average in almost two years – more precisely since July 2018.
This means that since May 20, the average fee for a BTC transaction has fallen by 83.7%.
This sharp jump in fees from the end of May coincided with the excitement over Bitcoin’s halving. This monetary policy reduced the block reward by 50%, which means that miners have to invest twice as much power to make the same money.
Along with high demand for Bitcoin – a jump in trading due to the excitement around halving, due to the prevailing mood that the price will jump after the event – the demand for processing Bitcoin transactions jumped significantly.
With the influx of new miners with more powerful machines, the hash rate jumped and there were already enough miners to handle transactions.
Although transaction fees are much lower than reported on May 20, they are much higher than they were at the beginning of the year. Fees are 277% higher than they were on January 1st.