Inordinately high — Bitcoin Ordinals send BTC transaction fees to new 5-month peak
A recent surge in Ordinals is causing Bitcoin users who attempt to send on-chain BTC transactions to incur higher transaction fees. Ordinals are special transactions on the Bitcoin network used to update a Segregated Witness (SegWit) scheme. As these Ordinals increase in number, they can congest the network, leading to slower transaction processing and higher fees. This surge in Ordinals highlights the importance of efficient network management and the need for continued development and optimization to ensure smooth and cost-effective Bitcoin transactions.
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Bitcoin transaction fees have risen to their highest levels in nearly six months due to a surge in Ordinals, which are nonfungible tokens (NFTs) that store data directly on the Bitcoin blockchain. These Ordinals increase the number of transactions miners need to process on-chain, causing congestion and higher competition for confirmations. As a result, Bitcoin users are facing higher transaction fees, with the average fee approaching $6. This trend has also contributed to increased profits for Bitcoin miners, as a significant portion of their revenue is now derived from higher fee rates. The situation highlights the importance of efficient network management and optimization to maintain cost-effective Bitcoin transactions.
