Bitcoin

ORDI

Bitcoin transaction fees have reached a six-month high due to a surge in new inscriptions, intensifying the competition for block space. According to data from BitinfoCharts, the average BTC transaction fee is approaching $6 as of today.
The renewed interest in Bitcoin Ordinals has led to an increase in on-chain transactions, contributing to the significantly elevated fees. In an environment reminiscent of Q2 this year, block space is being occupied by ordinal inscriptions.
BRC-20 Ordinals can significantly increase the number of transactions for Bitcoin miners to process on-chain, leading to congestion in the mempool and heightened competition for confirmations.
As a result, higher fees are required, and transactions without them will confirm much more slowly than usual. Bitcoin's mempool currently has a backlog of over 120,000 unconfirmed transactions, according to live data from Mempool.space. In contrast, at the beginning of October, the queue contained fewer than 30,000.

Bitcoin Transaction Fees Reached Six Months High Due to Resurged Interest in Ordinals

TokenInsight

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