The relatively high transaction fees on the Bitcoin network were a major topic of conversation last year, but these fees have been plummeting so far in 2018. According to data from CoinMetrics, bitcoin miners are now collecting less than a third of the value they were collecting in fees at one point in December 2017.So what’s causing this decline in the costs of on‐chain transactions? Is it as simple as declining demand leading to a lower price? Are there other factors at play? Let’s take a closer look.