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.
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.
Advertisement
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.
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.
W
e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.
Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.
We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.
When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.
CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.
We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world 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
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
