GLOBAL – transaction costs have seen a notable decrease today from the year’s second-highest levels reached yesterday, amid a surge in demand for Ordinal inscriptions that has caused a significant backlog in unconfirmed transactions.
On Thursday, users experienced average transaction fees of $18.69, equivalent to 0.00051 BTC, which marked the second-largest fee increase in 2023. The heightened interest in Ordinal inscriptions, a method for embedding data into Bitcoin’s blockchain, was the primary driver behind this spike.
As of today, despite the fees receding to a median of $11.61 or 0.00032 BTC per transfer, the network is still grappling with nearly 240k transactions awaiting confirmation. According to mempool.space data, high-priority transactions are costing users $4.61, while those with no priority have dropped to $1.64.
Miners are currently working through approximately 588 MB of data congestion within the blocks, with an average block time ranging from nine to over ten minutes.
This recent activity underscores the dynamic nature of Bitcoin’s fee market and the impact of new applications such as Ordinal inscriptions on network congestion and transaction costs. Users are advised to be mindful of the fluctuating fees and potential delays in transaction confirmations as miners address the current backlog.
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