Commissions in the bitcoin network decreased by 78% after halving
On May 20, the commission rate reached a record US$3.95 per transaction. On the last day of the month this figure dropped to US$0.84. At the moment it is US$1.59. The average commission rate also fell by 66% to $2.25.
When calculating the median commission size, values that deviate significantly from the overall picture are excluded. In contrast, the average commission size takes into account all data without exception.
The reduction of commissions occurred due to bitcoin mempool unload. On May 21, the volume of unconfirmed transactions reached 94 MB, and after 11 days the figure decreased by 99%, to 250 KB. By now, the mempool load has grown to 10 MB.
The load on the mempool and commissions increased in anticipation of the Bitcoin Halving on May 11. On the day the block award was cut, this reached a record high of 137.5 TH/s. Currently, the hash rate is 105.4 TH/s.
It is noteworthy that along with the fall of other indicators, the popularity of bitcoin on Twitter has decreased by 65% since halving. While the number of tweets reached 82,838 on May 11, it has now dropped to 28,806.
Earlier, Glassnode analysts predicted that Bitcoin will fall further if its fundamental indicators do not improve.