[Blockchain Today Reporter Kim So-yeon] Bitcoin (BTC) transaction fees measured in US dollars have reached a level close to 2017 amid a huge hash rate decline in the Bitcoin network, Cointelegraph reported.
According to data from several Bitcoin monitoring resources, the average BTC transaction fee (US dollars) is high enough to hit an all-time high in 2017.
According to data from blockchain explorer Blockchair, the average cost of a bitcoin transaction surged to $58 on Tuesday, the highest after $62 recorded in December 2017. BitInfoChart, a popular bitcoin monitoring source, claimed on the 20th (local time) that BTC rates had already exceeded $54 ($58 on the 20th) in 2017.
Other sources, such as major blockchain explorers, Blockchain.com, also show that the average BTC transaction cost on the day was $58.
While some sources currently have BTC transaction fees close to $60, others are far lower. Clark Moody, a leading bitcoin analytics website, currently reports that the average BTC fee amount (last 2,016 blocks) is around $27.5. According to data from Ycharts, bitcoin transaction fees are currently at $43 after hitting $50 on the 18th.
BTC transaction fees hit more than $50 at the end of 2017, when Bitcoin surged to $20,000 for the first time. Currently, Bitcoin is trading at $55,190 after a correction from a large sum of over $64,000 last week.
The recent surge in bitcoin transaction fees is a phenomenon that appears in the midst of a sharp decline in network hash rates. Bitcoin has seen the largest decline in total daily BTC network hash rate since November 2017, falling from 172 million terahes per second to 154 million. It also raises the possibility that this may be the cause of this decline.
As the hash rate of the BTC network decreases, it is possible to take downward action as it affects the mining difficulty of Bitcoin. The next bitcoin difficulty adjustment, which occurs every 2,016 blocks, or roughly every two weeks, is expected to occur in 12 days. According to online estimates, if the hash rate does not recover until early May, the next BTC difficulty adjustment may be the largest downward adjustment after November 2020.
Amid the surge in BTC transaction fees, some cryptocurrency exchanges are rushing to introduce a way to move bitcoins inexpensively while OKEx integrates the Lightning Network on the 19th.
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