According to recent Bitcoin data, the count of pending transactions, still awaiting confirmation, has plummeted beneath the 300,000 mark, while onchain fees have seen a reduction over the past week. Starting from July 29, the average onchain fees have fallen below the $1 threshold for each transaction, and as of July 31, 2023, the average fee stands at 0.000026 BTC or $0.778 per transfer.
Bitcoin’s Reduced Onchain Fees and Falling Unconfirmed Transactions Mark the Start of the Week
On Monday, July 31, 2023, figures from bitinfocharts.com reveal that the average onchain fee on the Bitcoin blockchain has tumbled below $1 for each transaction. As it stands, the average fee on Monday measures at 0.000026 BTC or $0.778 per transaction, and the median-sized fee is 0.0000085 BTC or $0.251 per transfer.
Back on July 27, the average onchain fee stood at $1.482, and from that point, it has declined 47.5%, while median-sized transfer fees on the Bitcoin blockchain have decreased by 57.88% since that day.
Data captured on Monday reveals that the number of unconfirmed transactions has fallen beneath the 300K threshold, with precisely 291,721 pending transactions as of 8:08 a.m. Eastern Time on July 31. In addition, metrics from mempool.space indicate a decline in fees to $0.33 per transaction.
To clear the entire backlog of 291,721 pending transfers, equivalent to 185 megabytes (MB), around 100 blocks must be mined. The average block time has hovered close to or even under the ten-minute average, standing at 8 minutes per block.
Miners have recently witnessed a 2.94% reduction in difficulty, simplifying the process of uncovering BTC blocks compared to the time before block height 800,352. As of Monday, current statistics demonstrate that the hashrate is smoothly cruising at 425.65 exahash per second (EH/s).
Leading the pack in mining pools today is Foundry USA, commanding a robust 111.18 EH/s, closely trailed by the second-largest pool in terms of hashrate, Antpool, with 88.42 EH/s. Throughout this week, approximately 44 mining pools are contributing their SHA256 hashrate to the Bitcoin blockchain.
What do you think about Bitcoin’s fees dropping and the number of unconfirmed transactions? Share your thoughts and opinions about this subject in the comments section below.