BTC Fees Hit 6-month High as BTC Ordinals Revives
Bitcoin transaction costs have reached their highest in six months due to the surge in Bitcoin Ordinals, a form of NFTs, filling up space on the blockchain.
Ordinals create a traffic jam in the mempool, leading to more expensive and slower transactions. Nearly 1 million new Ordinals were created in just a week, with projects like BEES and HALV being the most active.
Bitcoin’s mempool is backlogged with over 120,000 waiting transactions, a significant increase from October’s start. This rush benefits Bitcoin miners, who now earn 8.5% of their income from fees, a high not seen since June.
(With inputs from Shikha Singh)
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