Bitcoin Ordinals Drive BTC Transaction Fees to Five-Month High


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.

CryptoCaster Quick Check:

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.

Stay in the know on crypto by frequently visiting Crypto News Today

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.

Bitcoin Ordinals heatmap (screenshot). Source: GeniiData

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, Bitcoin’s mempool now has a backlog of over 120,000 unconfirmed transactions.

Follow GappyCoin PreSale on Twitter, and ReCap for information and more.

In comparison, the queue was less than 30,000 people at the beginning of October.

Bitcoin mempool data overview (screenshot). Source:

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.

Bitcoin miner % revenue from fees chart. Source: Glassnode

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like