{"id":66125,"date":"2022-08-22T12:12:33","date_gmt":"2022-08-22T09:12:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66125"},"modified":"2025-09-06T23:42:41","modified_gmt":"2025-09-06T20:42:41","slug":"bitcoin-transaction-fee-falls-below-1","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-transaction-fee-falls-below-1\/","title":{"rendered":"Bitcoin transaction fee falls below $1"},"content":{"rendered":"<p>As of August 22, the average transaction fee in the Bitcoin network stood at $0.825. The metric fell below one dollar for the first time since July 2020.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh3.googleusercontent.com\/FP61fod-H9uQZQNHqhizeUsDyB6XxftygNW4qjL8hXPM6k0cO8A7Zr4zvL4jduDKALH7nEzXYtdECoU9mYR8Lx7s1GtfQVzJmCscaTx7vSMfWeskyTCYc-TpmvDcb2LLv8D4r3nIozw-ebaY-cS57O4\\\" alt=\\\"Bitcoin transaction fee falls below $1\\\"\/><figcaption>Data: <a href=\\\"https:\/\/www.blockchain.com\/\\\">Blockchain.com<\/a>.<\/figcaption><\/figure>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/what-are-hashrate-and-mining-difficulty-in-cryptocurrencies\">The network hash rate<\/a> declined from the mid-July peak at 231.4 EH\/s to around 206 EH\/s.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh6.googleusercontent.com\/mSfvXj3yrmfKF8r_WQltrnGDyzCI_NYaZN1BHK_LBnuhWGKblICQAlQXsFrcJR9WDVgpYUFTrk8LQkC-FQUCcC2K96sJHPPQQSeA9s0FuWCDNL_XPoSP4VSKpgFCR1yIXlR_RuHpqZoCLtuXSDIMGhk\\\" alt=\\\"Bitcoin network hash rate\\\"\/><figcaption>Data: <a href=\\\"https:\/\/www.blockchain.com\/charts\/hash-rate\\\">Blockchain.com<\/a>.<\/figcaption><\/figure>\n<p>Mining difficulty <a href=\\\"https:\/\/www.blockchain.com\/charts\/difficulty\\\">fell since May<\/a>, when it reached a record high of 31.25 T. The indicator <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-mining-difficulty-rose-by-1-74-for-the-first-time-in-two-months\">turned toward recovery in early August<\/a>, and at the time of writing its value stood at 28.35 T.<\/p>\n<p>Mining revenue for the first cryptocurrency miners, the share of fees which traditionally accounts for a significant portion, fell in June by 26%, and in July \u2014 by another 9%.<\/p>\n<p>Against this backdrop, the capacity of Bitcoin&#8217;s micropayment network Lightning Network <a href=\"https:\/\/u1f987.com\/en\/news\/lightning-network-faster-cheaper-bitcoin-transactions\">Lightning Network<\/a> continued to grow, intended to reduce fees. In the first month of summer the indicator <a href=\"https:\/\/u1f987.com\/en\/news\/june-2022-in-figures-bitcoin-below-20000-steth-discount-and-collapse-of-well-known-crypto-firms\">rose by 2.2%<\/a>, and the next month <a href=\"https:\/\/u1f987.com\/en\/news\/july-2022-in-numbers-market-braces-for-the-merge-and-exits-the-zone-of-extreme-fear\">increased by 10%<\/a> and reached 4419 BTC.<\/p>\n<p>In the Ethereum network, the average base fee at the time of writing stood at $0.39.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh4.googleusercontent.com\/fqp72BkzmkYHYijadgLosgBiBH6XleVc_El3g7mvgAbm9m_hnxtu4WB1nSa3u0HXkJ4gFtkj5iXyUpPf7Jb5n2s8n3AygH9TkmzOqS3rhcKL37GA4pToNzIDPw7IWcIuVHFV0hZw8H5ZEyvzOM_zbbg\\\" alt=\\\"Bitcoin transaction fee falls below $1\\\"\/><figcaption>Data: <a href=\\\"https:\/\/etherscan.io\/gastracker\\\">Etherscan<\/a>.<\/figcaption><\/figure>\n<p>Revenue for the second cryptocurrency miners, whose fee share traditionally accounts for a substantial portion, declined in the summer more than Bitcoin miners. In June losses amounted to 52%, and in July \u2014 a further 4%.<\/p>\n<p>According to the Bitcoin Mining Council, Bitcoin mining energy efficiency rose by 46% over the year. The organisation brings together miners with a total hashrate exceeding 50% of the network.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, rates and analytics.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of August 22, the average transaction fee in the Bitcoin network stood at $0.825. The metric fell below one dollar for the first time since July 2020.<\/p>\n","protected":false},"author":1,"featured_media":66126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1178],"class_list":["post-66125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-blockchain-fees"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66125"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66125\/revisions"}],"predecessor-version":[{"id":66127,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66125\/revisions\/66127"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66126"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}