Bitcoin Cash
$475.30 0.39%
BCH · 24w

Bitcoin Cash Transaction Fees Were Less Than a Cent Throughout Most of 2018 - The Bitcoin News

One of the great benefits of the Bitcoin Cash (BCH) network is that miner fees have been consistently inexpensive for well over a year. A typical BCH network fee in 2018 has been lower than most blockchain networks and the median average each day has not surpassed a U.S. penny in 10 months.

Bitcoin Cash Transaction Fees Stay Low

The BCH network continues to truck along in 2019 and with it comes the cheap and lightning fast transactions supporters talk about all the time. Over the last 10 months, the median average for daily BCH miner fees has not risen above a penny. Typically, a transaction of 236 bytes or less costs the sender around $0.001 to $0.008 on the Bitcoin Cash blockchain. Fees were a touch higher during a three month period (December 2017, January and February 2018) when the BCH price touched record highs. However, this was before the BCH hard fork in May, which bumped the block size from 8MB to 32MB. During the BCH stress tests in the first week of last September, the Bitcoin Cash chain processed millions of transactions per day.

When Millions of Transactions Per Day Were Mined — BCH Fees Did Not Budge

On Sept. 1 miners processed 2.2 million transactions in 24 hours, which was followed by the next day’s 1.37 million transactions and the 1.67 million confirmed on Sept. 4. These records shattered BTC’s milestones back in December of 2017 when the BTC chain processed a little over 400,000 transactions per day that month. Although, at that specific time the BTC mempool was severely clogged with unconfirmed transactions and network fees for BTC were anywhere between $25-50 per transaction.

On Sept. 1 miners processed  2.2 million transactions in 24 hours.

Now one would think fees would have started to increase when the Bitcoin Cash network processed millions of transactions per day, but the BCH median average network fee for all three stress test days was roughly $0.001 per transaction. BCH miners also mined several large 4-8MB ...

Continue on