As of August 22, the cost of the average transaction fee on the Bitcoin network was $0.825. The index fell below the dollar for the first time since July 2020.
The network hashrate dropped to close to 206 EH/s, down from its mid-July high of 231.4 EH/s.
Mining difficulty has been falling since May, when it hit a record 31.25 T. The indicator started to recover at the beginning of August, at the time of writing its value is 28.35 T.
The fall in the price of the first cryptocurrency resulted in a 26% drop in miners’ revenue in June and another 9% in July.
Against this backdrop, the capacity of the Bitcoin Lightning Network micropayments network, designed to reduce fees, continued to grow. In the first month of summer, the indicator increased by 2.2% and the next month it grew 10% to 4419 BTC.
On the Ethereum network, the average base fee at the time of writing is $0.39.
The revenue of miners of the second cryptocurrency, which traditionally accounts for a significant share of fees, fell deeper than bitcoin miners over the summer. According to the results of June, losses amounted to 52%, and in July – another 4%.
Recall that the Bitcoin Mining Council calculated that the energy efficiency of bitcoin mining increased 46% over the year. The organization connects miners with a total hashrate of more than 50% of the network.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.