Bitcoin Fees Plummet to 13-Year Low, Signaling Major Network Shift

A significant drop in Bitcoin transaction fees has reached a 13-year low, signifying a shift in network behavior. The average transaction fee recently settled at just 3.5 BTC, marking the lowest level since late 2011, according to data from Glassnode. This decline is attributed to rising adoption of Layer-2 solutions like Lightning Network, which offer faster and cheaper transactions off the main chain. Consequently, network congestion has decreased, affecting miner revenue despite processing similar transaction volume. While this presents a challenge for miners reliant on fees as a secondary income source, it offers users the benefit of lower transaction costs.