Bitcoin (BTC) transaction fees have reached their highest levels in nearly six months, as a new wave of registrations fueled competition for block space.
Data from statistics resource BitInfoCharts shows that the average Bitcoin transaction fee is close to $6 as of November 7.
Arrangements address Bitcoin Memball once again
The return of Bitcoin rankings is making its presence felt this week as cross-chain transactions attract sky-high fees.
In a setting reminiscent of the second quarter of this year, the space of the blocks is occupied by ordinal inscriptions.
Ordinals are non-fungible tokens (NFTs) that store data directly on the blockchain. BRC-20 arrangements can add large transaction numbers for Bitcoin miners to process on-chain, clogging up the memory pool and leading to more competition for confirmations.
The result is that higher fees are required and transactions without them will be confirmed much slower than usual.
According to GeniiData statistics, nearly one million ordinal “mints” have occurred in the past seven days.
The most active projects at that time have changed, with the most active mints coming from BEES, gpts and HALV at the time of writing.
BRC-20 coin $ mice It causes the memory pool to become clogged, causing Bitcoin transaction fees to skyrocket.
Can anyone give us more information about this code? pic.twitter.com/O7EAPHy83F
— Ordinals Wallet (@ordinalswallet) November 4, 2023
The Bitcoin Mempool currently contains more than 120,000 unconfirmed transactions, according to live data from Mempool.space.
In contrast, at the beginning of October, the queue included fewer than 30,000 people.
Increase profits for BTC miners
Discussing what might happen to the fee trend next, social media users warned that new mint projects will take over once other projects are completed.
Related: Elon Musk criticizes NFTs but ends up discussing Bitcoin Ordinals
$ bees I converted mempool to ordhive
The fees are now about 70 days!!We already had it $ mice $ fox $ album $BNBS What then?!
Also, what Bee Collection will be released now that the token has been minted?! pic.twitter.com/PjMJdzRkyA
– pawellwitt.xbt (@pawellwitt) November 6, 2023
Yesterday it was the foxes, now the end of the bees and the next thing comes right after that
– Machine 384 (@sascha_bay) November 6, 2023
Meanwhile, the benefits are reaped by Bitcoin miners, whose income from fees is growing rapidly.
According to on-chain analytics firm Glassnode, on November 6, 8.5% of miners’ revenue came from increased fee rates – the largest daily percentage since early June.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.