After a peak in transaction fees on the Bitcoin (BTC) network was seen less than a month ago, the fee paid to miners for processing transactions is now back at levels seen in April, a time well before the third halving in May.
On Sunday, June 14, the median BTC transaction fee was USD 0.205, or 95% less than on May 20.
Accordingly, yesterday, miners collected USD 154,000 in fees, compared with almost USD 1.9 million on May 20. However, their revenues about to experience another hit as mining difficulty is estimated to increase by more than 14% tomorrow, Tuesday.
Changes in the transaction fees on the Bitcoin network depend on the level of congestion on the network, with higher fees often seen during times of market volatility when many bitcoin holders move their coins to and from exchanges.
That said, the mempool, where all the valid transactions wait to be confirmed by the Bitcoin network, seems to be clearing up as well, with many more lower-fee transactions getting their turn to be validated.
Currently (12:51 PM UTC), BTC is trading at USD 9,126, having dropped by 3% in 24 hours and by 6% in a week.
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