Bitcoin (BTC) transaction fees have reached their highest level in nearly six months as a new wave of inscriptions intensifies competition for block space.
Data comes from statistical sources Bit infographic It shows that as of November 7, the average BTC transaction fee was close to $6.
Ordinal Numbers Take Over Bitcoin Memory Pool Again
The return of Bitcoin serial numbers has made its presence felt this week as on-chain transactions attract high fees.
In a setting reminiscent of this year’s second season, block space is being occupied by ordinal inscriptions.
Ordinal is a non-fungible token (NFT) that stores data directly on the blockchain. BRC-20 Ordinals can add a large number of transactions for Bitcoin miners to process on-chain, clogging the mempool and causing more confirmation competition.
The result is higher fees, and transactions without these fees will be confirmed much slower than normal.
According to the statistics Data Wizard“Mints” occurred nearly 1 million times in the past seven days.
The most active projects have changed during that time, and at the time of writing, the most active minters are from BEES, gpts, and HALV.
BRC-20 coin $RATS Clogged mempool, causing Bitcoin transaction fees to skyrocket.
Can anyone give us more information about this token? pic.twitter.com/O7EAPHy83F
— Ordinals Wallet (@ordinalswallet) November 4, 2023
According to live data, the Bitcoin mempool currently has a backlog of over 120,000 unconfirmed transactions memory pool space.
By comparison, at the beginning of October, there were fewer than 30,000 people in line.
BTC miners’ profits increase
When discussing what might happen next for fee trends, social media users warned that new minting projects will take over once other projects are completed.
RELATED: Elon Musk Slams NFTs, But Ends Arguing for Bitcoin Ordinal
$bee Already changed mempool into ordhive
It now costs about 70 sats!we already have $RATS $fosse $owl $BNBS What’s next? !
Also, now that the tokens are minted, which Bee Collection will take off? ! pic.twitter.com/PjMJdzRkyA
— pawellwitt.xbt (@pawellwitt) November 6, 2023
The fox was yesterday, now is the end of the bee and what’s next is coming
— Machine No. 384 (@sascha_bay) November 6, 2023
At the same time, Bitcoin miners are also benefiting from this, and their fee income is growing rapidly.
According to on-chain analytics firm glass nodeAs of November 6, 8.5% of miners’ revenue came from rate increases, the largest daily average since early June.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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