According to data from bitinfocharts.com, the cost of transferring BTC onchain is currently at its lowest point this year or since November 2023. The average transaction fee is now 0.000041 BTC or $2.77 per transfer, with a median-sized transaction costing 0.00002 BTC or $1.34.

Based on metrics from mempool.space, transfers are being processed with fees ranging from 4 to 10 satoshis per virtual byte (sat/vB), resulting in transaction costs between $0.38 and $0.95 for low-priority to high-priority transactions. Between blocks 844,660 and 844,828, around 168 blocks, bitcoin miners earned an average of 3.3022 BTC from block subsidies and onchain fees.

Despite the current decrease in onchain fees, the number of unconfirmed transactions in the mempool exceeds 170,000. According to Johoe’s Bitcoin mempool statistics, there have been over 150,000 unconfirmed transactions in the queue since the second week of April 2024. The last time miners nearly cleared the mempool was in October 2023, coinciding with similarly low fees.

In comparison to Ethereum, the second-largest blockchain network by market capitalization, Bitcoin's onchain fees have been lower. Presently, the average onchain fee on the Ethereum network is 0.0015 ETH or $5.89 per transaction, with a median fee of 0.00056 ETH or $2.15 per transaction. It's worth noting that these metrics specifically apply to transferring ether and do not encompass interactions with smart contracts or the transfer of ERC20 tokens.