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Bitcoin volume hits an 8-month low as miners shift to low-fee transactions, sparking controversy among developers.
The seven-day average trading volume of the Bitcoin network has dropped to 317,000 last Friday, a new low since October 2023, according to Golden Finance. Due to the sluggish transaction activity, some miners are looking for transactions with fees below the Bitcoin Core default relay threshold (1sat/vB). Mononaut noted that one of their transactions was submitted to Bitcoin miner MARA (formerly Marathon Digital), which publicly operates a non-standard low-fee trading channel called Slipstream. On June 6, 31 Bitcoin Core developers signed an open letter opposing nodes filtering low-fee or non-standard transactions, emphasizing the essential nature of Bitcoin as a censorship-resistant system. The developers pointed out that forcing users to use private channels such as Slipstream would compromise the decentralized nature. This stance has been opposed by Jan3 founder Samson Mow, among others, who argue that core developers are removing protections for spam transactions.