ChainCatcher news, since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, marking the lowest level since October 2023. According to data from bitinfocharts.com, the average transaction fee is 0.000026 BTC or $1.54, equivalent to 15.5 sat/vB.The lower fees and the lower price of BTC have led to a significant drop in hash price, which refers to the estimated value of hashes per second at 1 petahash (PH/s). Currently, the hash price is below $50, at $48.62 per petahash, indicating that Bitcoin miners are still under significant pressure.

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on social media that the hash price of Bitcoin has reached an all-time low. Many mining companies have slowed down their investments in mining machines, and some companies are turning to other PoW currencies to hedge against market uncertainty.Hash price is a term created by Bitcoin mining service company Luxor, referring to the expected value generated per day for every 1 PH/s or 1 TH/s of computing power. This metric quantifies the benefits that miners can expect to gain from a specific amount of computing power.