The average on-chain Bitcoin fee has dropped below $2, the lowest level since October 2023

ChainCatcher news, since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, marking the lowest level since October 2023. According to data from bitinfocharts.com, the average transaction fee is 0.000026 BTC or $1.54, equivalent to 15.5 sat/vB.

The lower fees and the lower price of BTC have led to a significant drop in hash price, which refers to the estimated value of hashes per second at 1 petahash (PH/s). Currently, the hash price is below $50, at $48.62 per petahash, indicating that Bitcoin miners are still under significant pressure.