Bitcoin transaction fees are down by over 50% this year
According to YCharts data, the average transaction fee of Bitcoin (BTC) has dropped from $4.40 to $1.80 this year, a decrease of 57.97%. This rise may be attributed to a variety of factors.
One explanation is that the fast expansion of the Bitcoin Lightning Network, in which transactions are off the blockchain, may have been a catalyst.
For perspective, the Bitcoin network charges a fee for each transaction. This payment is then divided between miners. When the network is congested and demand for transaction processing far surpasses the supply of miners, users frequently pay more.
On April 21, the average transaction fee on the Bitcoin network reached an all-time high of $62.8 per transaction, as miner outages in China slowed block production
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