The average bitcoin transaction fee falls below $1

As of August 22, the value of the average transaction fee on the bitcoin network was $0.825. The figure fell below the dollar for the first time since July 2020.

The network's hash rate has dropped from a mid-July high of 231.4 EH/s to levels near 206 EH/s. The collapse in the price of the first cryptocurrency led to a 26% drop in miners' income in June and another 9% drop in July. Against this background, the capacity of Bitcoin Lightning Network micropayments, designed to reduce fees, continued to grow. The indicator added 2.2% in the first month of the summer, and increased by 10% in the next month, reaching 4,419 BTC.    

As a reminder, the Bitcoin Mining Council estimated that the energy efficiency of bitcoin mining increased by 46% over the year. The organization unites miners with a total hash rate of more than 50% of the network.