- As of November 7th, the average BTC transaction cost was close to $6.
- Bitcoin miners are enjoying the rewards as their revenue from fees soars.
Due to increased competition for available block space, Bitcoin transaction fees are at their peak level in almost six months. BitInfoCharts reports that as of November 7th, the average BTC transaction cost was close to $6.
This week, on-chain transactions have seen significantly increased costs due to the resurgence of Bitcoin Ordinals. Ordinal inscriptions are taking up a lot of blockspace, much like in the second quarter of this year.
Ordinals are a kind of NFT that may be used to permanently record information on the blockchain. Bitcoin miners may face increased competition for confirmations as a consequence of the large number of BRC-20 Ordinal transactions that must be processed on-chain. Because of this, greater fees are necessary, and without them, transaction confirmation times will be substantially longer than usual.
GeniiData reports that during the previous week, there have been almost 1 million “mints”. Since then, there has been a shift in which projects are the most active, with BEES, gpts, and HALV now producing the most minters.
Miners Enjoying Rewards
According to data from Mempool.space, there are presently more than 120,000 transactions waiting to be validated in Bitcoin’s mempool. In comparison, there were less than 30,000 queues at the beginning of October.
Social media users speculated about the future of the fee trend, expressing concern that new minting initiatives might emerge to replace those that had already concluded.
Meanwhile, Bitcoin miners are enjoying the rewards as their revenue from fees soars. According to on-chain analytics company Glassnode, on Nov. 6, 8.5% of miners’ earnings came from the raised fee rates – the greatest daily share since early June. Moreover, the crypto market as a whole has been witnessing bullish momentum with the price of Bitcoin hovering around the $35,000 mark.
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