After a prolonged quiet period after 15th September, transactions via Bitcoin backlogs are currently surging anew with a noteworthy resurgence of Ordinal inscriptions beginning on 24th October. The amount of pending BTC transactions in the entire mempool has now surpassed 157,000, definitely prompting an increase in the high-priority transaction costs to 3.38 dollars.
Bitcoin Sees a Renewal In Congestion: Transaction Fees Are Currently Hitting New Highs
As of 6th November, 157,101 transactions are currently awaiting confirmation. And that too at the network of Bitcoin, accompanied by a block height of 815,605.
After a sudden peak in the middle of September with more than 700,000 transactions pending, Bitcoin miners have not reduced the amount to a meager 27,210 by 3rd October, accompanied by high-priority fees falling to about 0.08 dollars each.
The recent surge in the Ordinal inscriptions has automatically led to 4th November recording the 2nd-highest regular total for such kinds of entries accompanied by 440,760 additions, entirely making it one of the busiest days for Bitcoin. Bitcoin witnessed the processing of 698,917 transactions alone. This momentum continued on 5th November. During this time, 403,026 inscriptions were also logged.
This flurry of activities, with more than 800,000 transfers in two days alone, has managed to inflate the mempool backlog. By the time 5th November got over, the ledger was found clogged with more than 166K pending transactions, with high-priority transaction costs climbing to 1.86 dollars.
The next day, the total pending count stayed over 157,000, with costs for expedited processing at a solid 3.38 dollars, while normal transactions were costing 0.49 dollars. As per bitinfocharts.com, the transaction fee is currently $3.71 or 0.00011 BTC on average. The media cost stands at $2.12 or 0.000061 BTC per transaction.
Most notably, the median cost for BTC block space outpaces the average ETH fee currently, standing at $2.66 or 0.0014 ETH per transaction. The data here reveals a major increase worth 4,125% in the high-priority transaction expenses between the 3rd of October and the 6th of November of this year.
Additional Reading:
