In brief:



$118,071.00
6.20%$3,011.45
8.06%$2.59
7.22%$693.79
3.16%$165.35
5.26%$0.999899
0.01%$0.199218
10.21%$0.29625
1.59%$3,009.70
8.02%$0.698606
12.63%$118,016.00
6.25%$45.43
9.21%$3,630.71
7.97%$3.52
11.57%$15.56
9.06%$525.31
2.40%$0.30779
6.13%$21.14
9.13%$0.199969
14.40%$9.02
0.87%$3,223.45
7.97%$0.0000136
9.51%$3,012.09
8.04%$0.999949
0.02%$2.96
2.98%$96.19
6.17%$46.85
0.37%$1.00
-0.01%$3.99
9.63%$328.91
0.17%$118,101.00
6.17%$0.00001287
17.41%$4.62
4.21%$1.00
-0.10%$8.88
7.04%$312.66
5.40%$0.518932
10.03%$387.88
10.71%$5.01
9.58%$2.59
10.22%$1.18
-0.21%$0.098445
2.98%$49.82
2.97%$5.54
7.27%$200.87
5.38%$0.917076
8.88%$18.79
6.63%$1.00
0.00%$1.059
0.01%$0.08834
9.25%$0.353803
23.23%$1.00
0.03%$4.71
8.84%$0.64075
6.42%$0.0249974
11.68%$0.429135
20.57%$0.227151
9.37%$10.12
10.08%$0.766207
9.60%$3.81
12.13%$16.40
2.26%$1.13
23.53%$0.224239
15.96%$4.46
0.17%$0.00002397
9.34%$3,012.60
8.09%$0.32729
24.54%$0.085285
3.40%$2.64
8.57%$117,660.00
6.05%$115.05
4.21%$4.76
3.36%$175.71
5.58%$1.67
9.19%$0.50079
9.88%$0.999795
-0.01%$11.42
2.64%$0.997399
-0.28%$3,155.93
8.06%$3,432.19
8.13%$1.38
20.76%$1.001
0.11%$1.93
14.40%$0.02102429
18.23%$1.28
3.09%$12.84
16.55%$0.693848
18.28%$1.85
15.09%$0.073381
7.00%$0.01699182
4.79%$0.762913
9.72%$3,219.55
8.06%$3,163.97
8.05%$0.348197
9.19%$118,004.00
6.35%$1.00
0.00%$1.07
12.16%$3.63
15.10%$3,175.78
8.19%$0.999654
-0.01%$0.00010314
11.54%$0.100642
11.80%$0.616582
70.39%$0.518258
14.75%$11.99
-12.82%$118,369.00
6.69%$1.11
0.02%$0.161705
5.41%$3,336.21
0.31%$119,942.00
6.75%$693.92
3.18%$0.999315
-0.03%$3,250.01
8.38%$0.643715
15.12%$2.55
7.11%$0.551881
6.23%$185.54
5.35%$215.99
5.38%$0.822193
10.92%$3,330.16
0.31%$0.01772903
15.58%$0.875972
11.38%$22.68
11.63%$0.01514642
16.39%$2.74
12.19%$0.188658
9.14%$0.294843
9.79%$111.75
0.01%$10.74
0.01%$43.41
7.19%$2.02
6.08%$0.814098
11.42%$0.119789
13.55%$3,011.19
8.00%$0.998157
-0.02%$4.08
10.53%$45.59
9.38%$0.00000067
5.75%$3,217.93
8.18%$0.00000166
30.18%$0.24302
5.89%$1.091
0.53%$0.604973
7.78%$3,141.02
7.34%$117,424.00
5.96%$118,063.00
6.02%$3,011.44
7.99%$0.0091666
6.03%$0.384358
9.77%$0.311322
9.68%$0.562674
9.50%$0.059299
17.79%$0.425514
5.27%$0.997702
0.02%$0.556841
8.50%$117,965.00
6.22%$1.58
12.56%$1.73
7.12%$0.999251
0.22%$0.681884
7.99%$0.149764
23.03%$27.17
6.56%$45.61
9.43%$0.01520564
8.35%$0.198815
10.04%$3,012.01
8.04%$0.999972
0.00%$0.99786
-0.22%$0.00838324
11.20%$0.095579
23.29%$2.63
9.84%$0.00484405
10.78%$0.637243
12.39%$1.27
15.57%$3,203.49
8.10%$0.224792
0.33%$0.423955
4.99%$8.07
3.71%$48.61
6.84%$1.44
15.41%$0.999899
0.01%$6.36
8.58%$1.00
-0.01%$15.66
10.11%$0.00000045
0.83%$0.175452
12.22%$0.061044
24.17%$0.061089
-0.48%$0.436447
15.92%$3,322.40
8.03%$6.52
16.36%$0.360419
13.50%$2.56
12.20%$0.00002106
8.82%$0.00453245
14.67%$1.71
9.50%$1.093
-0.01%$0.157178
7.62%$1.001
0.35%$0.04114023
9.16%$3,295.40
8.02%$0.550579
6.28%$1.001
0.08%$116,387.00
4.93%$0.38113
11.84%$3,002.91
7.97%$3,007.95
7.92%$0.00724424
11.16%$0.937141
19.19%$0.384631
15.69%$0.079465
15.51%$0.263582
22.68%$1.00
0.02%$1.26
9.96%$2,983.89
7.14%$0.03641609
3.77%$117,495.00
5.76%$0.000065
8.58%$0.539643
6.66%$0.789792
13.56%$180.64
5.46%$0.03538403
39.78%$0.01808002
3.11%$20.98
1.97%$3,640.07
8.13%$1.24
10.04%$127.58
7.40%$0.226872
9.11%$11.16
5.51%$0.999937
0.01%$0.773044
7.57%$0.00463231
16.62%$0.319057
5.85%$0.00372454
6.30%$0.999406
0.02%$0.99959
-0.02%$0.999655
-0.01%$21.05
8.64%$25.61
8.78%$0.665505
6.92%$1.00
-0.03%$0.03014233
10.45%$118,009.00
6.43%$6.99
10.64%$2,370.95
6.18%$0.116237
9.75%$0.296808
23.91%$3,154.22
8.57%The cost of making a Bitcoin transaction has fallen by 50% in five days, with the backlog of transactions, which had been clogging the network, starting to lessen up.
That marks a swift reversal for Bitcoin, where transaction fees had skyrocketed by more than 2,000% in 2020 alone.
Seen below, the average fee incurred by users of the Bitcoin network fell by 53%—from $6.64 to $3.06, according to data from Bitinfocharts.
The sudden drop in fees follows a drastic reduction in the number of unconfirmed transactions clogging up the Bitcoin mempool. Bitcoin’s mempool is where Bitcoin transactions sit, waiting to be confirmed on the network. It can be measured in megabytes (MB) of data, or in raw numbers. Seen below, the number of transactions awaiting confirmation in Bitcoin’s mempool has fallen by 71% in the last five days.
While the sheer number of transactions have fallen hard and fast in the past five days, the size of its mempool in megabytes remains relatively high. Right now, Bitcoin has a congested mempool equalling just under 60MB in size—down 33% from its recent peak of 90MB on May 20—as per data from Blockchain.com. Given Bitcoin’s ten minute block times, which produces six blocks per minute, the 60MB backlog could subside in just over 10 hours.
This does assume a continued low transaction rate. But Bitcoin’s transaction count has been dropping recently. The overall number of Bitcoin transactions has fallen by 37.9% in the past two weeks since the block reward halving, according to data from Bitinfocharts. So while fees are coming down, transactions are too—and that’s not a good thing.