Bitcoin fees down 60% while transaction count declines. Bitcoin (BTC) average transaction fees dropped by nearly 60% in the last week, as the number of transactions queuing up to be processed on the network eased.
The cost of making a transaction over the Bitcoin blockchain fell to around $2.61 on May 28, down from just over $6.28 six days earlier. As a percentage of revenue for BTC miners, fees have also declined to just under 10% from 21% on May 20. Transaction costs had soared over 220% since the May 11 scheduled bitcoin supply cut, capping off a rally that began two weeks prior to the event.
The sharp fall in fees is thanks to transaction activity getting back to normal, helping to decongest the network, as represented by the Bitcoin memory pool, called mempool. The memory pool consists of all transactions waiting to be confirmed by the Bitcoin network.