Ordinals are being paid for by Bitcoin users attempting to send on-chain BTC transactions.
Bitcoin transaction fees have reached their highest level in nearly six months, because to a new wave of inscriptions that has increased competition for block space.
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According to data from the statistics website BitInfoCharts, the average BTC transaction fee was approaching $6 as of November 7.
Ordinals are resuming their participation in the Bitcoin mempool.
The return of Bitcoin Ordinals is being felt this week, as on-chain transactions attract extremely high fees.
Ordinal inscriptions are taking up blockspace in an atmosphere reminiscent of Q2 this year.
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Ordinals are nonfungible tokens (NFTs) that hold data on the blockchain directly. BRC-20 Ordinals can increase the amount of transactions that Bitcoin miners must process on-chain, crowding the mempool and increasing competition for confirmations.
As a result, greater fees are necessary, and transactions without them will be processed significantly more slowly than usual.
According to GeniiData statistics, about 1 million ordinal “mints” have occurred in the last seven days.
The most active projects have shifted over time, with the most active minters currently hailing from BEES, gpts, and HALV.
According to live data from Mempool.space, Bitcoin’s mempool now has a backlog of over 120,000 unconfirmed transactions.
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In comparison, the queue was less than 30,000 people at the beginning of October.
Profits for Bitcoin miners have increased
When asked what would happen to the fee trend next, social media commenters warned that new minting projects will take over once others were finished.
Meanwhile, Bitcoin miners are reaping the rewards, as their fee income is fast increasing.
According to on-chain analytics firm Glassnode, increasing fee rates accounted for 8.5% of miners’ revenue on November 6 – the highest daily proportion since early June.
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