Bitcoin transaction fees are variable payments miners receive based on how much of a block’s limited 4 megabytes (MB) weight limit a transaction uses. These fees are set by real-time Bitcoin network congestion and the transaction’s size, but not by the fiat value of the amount being transferred.
In July, Bitcoin users paid 94.1523 $BTC in fees. As $BTC averaged $62,830 during the month, miners earned approximately $5,914,788.
By the end of August, Bitcoin users had paid 98.4015 $BTC to miners, valued at roughly $7,730,979 as the asset averaged $78,564.
Meanwhile, in September, Bitcoin miners received 87.5343 $BTC, worth about $7,315,242 since the flagship coin hovered around $83,570.
Key takeaway from Bitcoin transaction fees for Q3
Even though the notional value of what miners earned climbed by the end of the third quarter, the amount of $BTC they received declined.
As such, reduced $BTC transaction fees by the close of the third quarter revealed weakening on-chain demand.
$BTC price performance
As the network’s activity contracted by the end of Q3, $BTC price rose over 43%, trading at $80,984 at the time of writing.
Consequently, an increase in quarterly $BTC total transaction fees during the fourth quarter could signal an escalation in on-chain demand.
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