The post Bitcoin transaction fees experience a 150% increase appeared on BitcoinEthereumNews.com.

Bitcoin transaction fees have undergone a remarkable surge, surpassing figures recorded just three days ago. This surge, observed on Thursday, November 9, 2023, at 9:52 a.m. Eastern Time, manifested in a high-priority transfer, formerly costing an average of $3.38, now demanding a fee of $8.46. This substantial increase aligns with a backlog exceeding 200,000 pending transactions in Bitcoin’s mempool, a situation attributed to both heightened fees and a recent spike in Ordinal inscriptions. Bitcoin transaction fees now cost $8.46 The demand for space within Bitcoin’s ledger has witnessed a sharp rise, compelling miners to grapple with a daunting 429 megabytes of data backlog, roughly equivalent to 229 blocks. At block height 815,999, there is a logjam of around 201,646 transactions awaiting confirmation by miners. Merely three days prior, the fee to expedite a high-priority transaction stood at $3.38; since then, it has surged over 150% to its present price of $8.46 per transaction. This comes on the heels of a staggering 4,000% hike in BTC fees the previous month. Archived data from mempool.space provides additional insights. Sending a Bitcoin transaction without priority now costs $0.74, while a low-priority transaction incurs a $6.51 fee. Medium priority transactions stand at approximately $7.56 as of Thursday. Bitinfocharts.com offers a broader perspective, reporting that the average Bitcoin transaction fee is 0.00019 BTC, or $7.17, with the median fee at 0.00011 BTC, or $4.34 per transaction. The surge in costs for block space can be directly linked to the recent spike in bitcoin’s value, reaching nearly $38,000 around 9:50 a.m. Eastern Time on November 9. Strategies amid escalating costs on the network The increased activity on exchanges and the processing of financial transactions are compounded by a rise in Ordinal inscriptions. Despite being a last-ditch option for block space, these inscriptions contribute significantly to the…

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Filed under: News - @ November 10, 2023 11:26 pm