The average on-chain Bitcoin fee has dropped below $2, hitting a new low since October 2023

Since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, marking its lowest level since October 2023. According to data from bitinfocharts.com, the average transaction fee is 0.000026BTC or $1.54, equivalent to 15.5sat/vB. Lower fees and lower BTC prices have led to a significant drop in hash price, which refers to the estimated value of one petahash (PH/s) per second. Currently, the hash price is less than $50 at $48.62 per petahash, indicating that Bitcoin miners are still under tremendous pressure.