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HomeNewsBTC Dollar Transaction Cost Nearly Hits 2017 All-Time High

BTC Dollar Transaction Cost Nearly Hits 2017 All-Time High

The price of Bitcoin transaction fees in US dollars is near the 2017 all-time high. The rise in Bitcoin transaction fees came at a time of a major drop in the network’s hash rate. Data provided by blockchain explorer Blockchain the average cost of a single Bitcoin transaction climbed $58 on the 20th of April. The transaction cost is close to the all-time high of over $62 recorded in December 2017. 

On the other hand, Bitcoin monitoring source BitInfoCharts revealed that the current Bitcoin fees had crossed the $54 recorded in 2017. Both BitInfoCharts and Blockchain said transaction costs hit $58 on the 20th of April.

As some sources claimed a rise in BTC transaction fees, others are reporting lower figures. At press time, Ycharts data showed that the average BTC transaction cost is $43.92. Ycharts said Bitcoin’s average transaction fee was $50 on the 18th of April. 

As BTC transaction fees jumped, the Bitcoin network hash rate saw a major decline on the 18th. On the day, the BTC network hash rate fell from 172 million terahashes per second to about 154 million terahashes per second. Crypto observers attributed the plunge to huge massive power outages in the Chinese mining hub of Xinjiang. 

Bitcoin is currently trading at $55,738.19. 

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