Bitcoin (BTC) transaction fees, measured in US dollars, are near their 2017 levels amid a massive drop in hash rates on the Bitcoin network.
According to data from various Bitcoin monitoring sources, the average BTC transaction cost in US dollars is close to the highest level ever recorded in 2017.
According to data from blockchain explorer Blockchair, the average cost of a Bitcoin transaction rose to $ 58 on Tuesday, approaching an all-time high of more than $ 62 recorded in December 2017. Popular Bitcoin monitoring source BitInfoCharts suggests current BTC costs its record $ 54 in 2017 to $ 58 on April 20.
Other sources, including major blockchain explorer Blockchain.com, also show that the average BTC transaction cost hit $ 58 on April 20.
Despite several sources showing current BTC transaction fees close to $ 60, other sources show a much lower figure. Major Bitcoin analytics website Clark Moody reports an average dollar BTC fee – over the last 2016 blocks – of $ 27.5 at the time of writing. According to data from Ycharts, the average Bitcoin transaction commission is $ 43 at the time of publication, after hitting $ 50 on April 18.
BTC transaction fees topped $ 50 in late 2017, when Bitcoin first rose to $ 20,000. At the time of writing, Bitcoin is trading at USD 55,190, after correcting from its all-time high of more than USD 64,000 last week.
The latest spike in BTC transaction fees comes amid a major drop in the Bitcoin network’s hash rate. On April 18, Bitcoin saw the largest daily drop in the BTC network’s total hash rate since November 2017, from 172 million terahashes per second to around 154 million TH / s. According to crypto observers, the decline is likely attributed to massive power outages at China’s Xinjiang mining center.
Amid rising BTC transaction costs, some crypto exchanges have rushed to introduce less expensive ways to move Bitcoin, with OKEx integrate the Lightning Network on Monday.