Bitcoin fees up more than 2000% since August due to renewed interest in Ordinals

Bitcoin fees up more than 2000% since August due to renewed interest in Ordinals
фото показано с : cryptoslate.com

2023-11-10 13:30

Bitcoin transaction fees have risen to a six-month high amidst a resurgence in the popularity of Ordinals Inscriptions.

Data from BitInfoCharts reveals that Bitcoin’s average transaction fee has reached its highest point since May, surging over 2,000% since its August low of $0.64.

Per the data aggregator, an average BTC transaction would cost around $15.86 as of press time.

Market observers have attributed this spike to the renewed enthusiasm surrounding Ordinals.

Ordinal Inscriptions are digital assets similar to NFTs inscribed on a satoshi, BTC’s lowest denomination. These assets had gained popularity earlier in the year and heralded Bitcoin’s foray into the NFT space. But interest in them soon faded as the market landscape evolved.

However, these assets are now enjoying a renaissance after Binance listed Ordinals’ ORDI tokens on its platform. Following the news, the crypto token’s value surged by more than 290% over the last seven days, according to CoinMarketCap data.

Bitcoin Ordinals Inscription Data. (Source: Dune Analytics)

Dune Analytics data, curated by dgtl_assets, further shows that the daily inscriptions on Bitcoin averaged more than 150,000 again after a brief lull between September and October. Per the dashboard, approximately 39 million inscriptions have been minted, generating 2,346 BTC, roughly $85.45 million, in transaction fees.

This surge has also propelled Bitcoin into the second-largest blockchain by NFT sales volume, surpassed only by Ethereum, CryptoSlam data showed.

However, the increase has also led to a substantial rise in unconfirmed transactions on the network, with over 150,000 transactions currently in the backlog.

While the elevated transaction fees may pose challenges for Bitcoin traders, they substantially benefit miners. Increased transaction fees translate to higher rewards for miners, especially as they brace for the upcoming reward cut associated with Bitcoin’s next halving.

Bitcoin miner Marathon Digital pointed this out on social media platform X, saying it recently earned 3.25 BTC in fees from mining a block.

The post Bitcoin fees up more than 2000% since August due to renewed interest in Ordinals appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 63442.12 (-0.35%)
Объем 24H $18.045b
Изменеия 24h: 1.05 %, 7d: -2.81 %
Cегодня L: $63175.2 - H: $64145.19
Капитализация $1249.26b Rank 1
Цена в час новости $ 37284.78 (70.16%)

bitcoin ordinals transaction august fees average low

Источник: cryptoslate.com

bitcoin ordinals → Результатов: 126


Bitcoin NFT Ordinals Boosts Taproot Adoption By 1,000% In Q1 2023

The rise of Bitcoin NFT Ordinals is one of the fascinating developments on the leading blockchain in 2023. This has correlated with an increase in the adoption of Taproot to process transactions.   Driving Taproot Adoption On The Bitcoin Network Data from Dune Analytics shows that Taproot adoption has gone from being used in less than 2% of all Bitcoin transactions to reaching a peak of 9.

2023-2-12 12:51


Bitcoin Activity Hits Highest Since May 2021 As NFTs Gain Steam

On-chain data shows that Bitcoin network activity is now at its highest level since May 2021 as Ordinals NFTs have been rapidly gaining popularity. CryptoQuant’s Bitcoin Network Activity Index Has Shot Up Recently As per data from the on-chain analytics firm CryptoQuant, the BTC network has seen a significant uptick in activity. The relevant indicator […]

2023-2-10 17:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

High Bitcoin fees push active addresses down to 3-year low

On April 20, the day of the Bitcoin halving, total transaction fees paid to miners jumped to 1,257. 71 BTC, the highest since December 2017. The high amounts starkly contrasted with fees from the previous day, which amounted to only 116.

Mempool overload leads to skyrocketing Bitcoin transaction costs

As the primary holding area for unconfirmed Bitcoin transactions, the mempool offers vital insights into the network’s operational status. High fees within the mempool typically signal increased network activity and potential congestion, impacting transaction processing times and user costs.