Bitcoin Fee Rate Stuck at Record Low: Time to Consolidate Your UTXOs

The median fee rate on the Bitcoin network has been stuck at one satoshi per virtual byte for three months, reaching technical minimums most nodes will relay. The current rate is a result of 1,105 data points from June 9 to September 9, with no single point exceeding seven satoshis per virtual byte.

The fee rate on the Bitcoin network doesn't depend on the amount sent but rather the space taken up in a block, measured in virtual bytes. Whoever bids more per virtual byte gets in sooner. At a price of $78,495 or 67,496 euros per bitcoin, a thousand satoshis are worth around 67 cents.

The network fee can be calculated using two factors: fee equals size times rate. An ordinary transfer takes up about 141 virtual bytes, costing 141 satoshis and therefore around 0.10 euros at one sat/vB. The amount sent plays no part in this calculation, with sending ten euros costing as much as sending ten thousand.