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 Fees Hit 10-Month Low

Onchain Bitcoin fees have fallen to levels not seen since October 2023, spanning more than 250 days. Over the past two weeks, the average cost to transact on the Bitcoin blockchain has remained under $2 per transfer. According to bitinfocharts.com data, the average fee to transact is 0.000026 BTC or $1.54, which equals 15.5 sat/vB.

The median fee stands at 0.000013 BTC, or $0.753 per transaction, translating to 7.6 sat/vB. Mempool.space indicates that a high-priority transfer is 9 sat/vB or $0.76, with some transfers paying as low as 2 sat/vB or $0.17 per transaction. Transactions below 2 sat/vB are being moved to the mempool, the backlog of unconfirmed transfers.

On Sunday at 12 p.m. EDT, there were approximately 164,641 unconfirmed transactions in the mempool. Average fees per block range 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.

What do you think about Bitcoin’s onchain fees hitting a 10-month low? Share your thoughts and opinions about this subject in the comments section below.