Bitcoin network pays an average of $ 95,000 for every $ 1 in fees

The Bitcoin network’s value accounting efficiency has steadily improved recently, with more payments at lower fees.

For the past week, the Bitcoin network has averaged $ 95,142 in value for every $ 1 in fees transferred or paid.

The efficiency of processing in the chain has slowly increased since May as more was moved on the network during the bull cycle.

The online analyst Dylan LeClair made the observation based on data from the analysis provider Glassnode. The value is calculated by dividing the average transaction volume by the fee.

The final settlement cost was only 0.00105% of the total transferred value of $ 451.3 billion.

According to CryptoFees, Bitcoin ranks seventh on the list of networks, sorted by daily transaction fees. The seven-day average is around $ 678,000, behind Ethereum, Uniswap, Binance Sensible Chain, SushiSwap, Aave and Compound.

The fee tracking platform now reports that Ethereum is currently processing $ 53 million in daily fees, 98.7% more than the Bitcoin network. Bitcoin and Ethereum should not be compared in terms of value and fee payments as they are two distinct entities – the former a store of value and the latter a smart contract and decentralized application network.

Ethereum’s average transaction volume divided by fees is only $ 139 per dollar of fees.

The processing efficiency of the Ethereum network has decreased as more value has accumulated in the network and there has been a much greater demand for it, especially with the increase in DeFi and NFT over the past 18 months.

Related: Bitcoin network token record high in daily payment volume

According to Bitinforcharts, the average transaction fee on the Bitcoin network is currently around $ 2.13. By comparison, the average fee on the Ethereum network is $ 42.58. As Cointelegraph reported yesterday, Bitcoin transaction fees have fallen by more than 50% this year.

The difference in average transaction fees between the two networks increases from the end of July.

According to L2beat, the problems with Ethereum’s network charges can be avoided by using Layer 2 networks, which have seen a massive surge in adoption in recent months, with an almost all-time high of $ 6.87 billion, according to L2conquer.

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