2024

Bitcoin

when

<p>The post <a href="https://coinpedia.org/news/bitcoin-transaction-fees-plummet-to-four-year-lows-amidst-bitcoin-miners-continued-selling/">Bitcoin Transaction Fees Plummet to Four-Year Lows Amidst Miner’s Continue Selling</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin transaction fees have reached their lowest point in four years, with the average cost per transaction dropping to $38.69 on July 7. Despite the reduced fees, Bitcoin miners continue to see profits thanks to decreased network difficulty and lower computational power requirements.</p> 
<h2 class="wp-block-heading" id="h-lowest-fees-since-2020">Lowest Fees Since 2020</h2> 
<p>On July 7, the cost of Bitcoin transactions dropped to $38.69, a level not seen since 2020. This reduction is largely due to a decrease in demand for block space and data volume, which has led to lower costs for users.&nbsp;</p> 
<p>Bitcoin miners processed a total of 673,752 transactions on July 7, with 89.7% being Bitcoin transactions. Other protocols such as Ordinals (0.7%), BRC-20 (4.1%), and Runes (5.4%) made up the rest.&nbsp;</p> 
<p>Despite the lower fees, miners remained profitable, with miner revenue for the day making up 1.14% of the total transaction volume. This consistency in revenue is due to the reduced network difficulty, allowing miners to use less computational power to process transactions.</p> 
<p>At that time, Bitcoin was trading at over $58,200, highlighting a unique situation where lower fees coincide with a high market value.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-miner-capitulation-continues">Bitcoin Miner Capitulation Continues</h2> 
<p>CryptoQuant’s CEO, Ki Young Ju, <a href="https://x.com/ki_young_ju/status/1810713273995555259">recently tweeted about</a> this ongoing miner capitulation. He advised investors to stay long-term bullish but warned against taking excessive risks in the short term. His insights highlight the current cautious sentiment among industry experts.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> miner capitulation is still ongoing.<br><br>Historically, it ends when the daily average mined value is 40% of the yearly average; it's now at 72%.<br><br>Expect the crypto markets to be boring for the next 2-3 months. Stay long-term bullish but avoid excessive risk. <a href="https://t.co/OCsiI57KPo">pic.twitter.com/OCsiI57KPo</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1810713273995555259?ref_src=twsrc%5Etfw">July 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Historically, this phase ends when the daily average mined value is 40% of the yearly average. Currently, it’s at 72%, indicating we may not be out of the woods yet. This historical marker has been a reliable indicator for the end of such phases, signaling potential stability and recovery in the market.</p> 
<p>Ju predicts that the crypto markets could remain dull for the next 2-3 months as this process continues. However, the long-term outlook remains positive.</p>

Bitcoin Transaction Fees Plummet to Four-Year Lows Amidst Miner’s Continue Selling

Table of Contents

CoinPedia News

Другие статьи, опубликованные 10 июл. 2024 г.

$WATER memecoin gets nod from Ronaldinho hours after Messi’s endorsement

We Keep Building: The Polkastarter Journey for 2024-2025

5 Reasons Spot Bitcoin ETFs Suffered $662M Net Outflows in June

House Vote on SEC SAB 121 Postponed After Alleged Biden Letter

Bitcoin Pullback Deepens: Is the 2023-2024 Bull Cycle Losing Steam?

BlockDAG’s X100 Miner to Pump Out $100 in Daily Earnings Upon Launch! What’s Brewing with Litecoi...

Join our free newsletter for daily crypto updates!