đđBitcoin transfer costs are at their lowest level in four years đđ
Bitcoin transaction fees fell to their lowest level in four years, averaging $38.69 on July 7. This decline coincides with levels last seen at the peak of the COVID-19 pandemic in 2020.
Bitcoin transaction fees vary depending on factors that determine each transaction's revenue for miners and the total number of transactions processed. This drop occurred on July 7, when Bitcoin was trading around $58,200.
According to Ycharts data, on July 7, Bitcoin miners processed a total of 673,752 transactions. 89.7% of these transactions occurred through BTC transactions, while the remaining bandwidth was used by other protocols such as Ordinals (0.7%), BRC-20 (4.1%) and Runes (5.4%).
Bitcoin miner revenue for the day represented 1.14% of trading volume. By taking advantage of the low network difficulty, miners were able to process transactions using relatively less computing power.
According to CryptoQuant, Bitcoin miners began to show signs of capitulation as profit margins narrowed after the halving and BTC approached the $50,000 level. This is defined as the process of miners reducing operational costs or partially selling their earnings.
The CryptoQuant report also noted that miners have experienced a 63% drop in daily revenue since the halving, meaning Bitcoin's underlying block rewards and transaction fee revenues have decreased.
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