©Reuters.
OVERALL – Transaction fees saw a notable decline today from the second highest levels of the year reached yesterday, amid a surge in demand for ordinal listings that led to a significant backlog in unconfirmed transactions.
On Thursday, users were charged an average transaction fee of $18.69, equivalent to 0.00051 BTC, which marked the second largest fee increase in 2023. The increased interest in ordinal registrations, a method for integrating data into the Bitcoin blockchain, was the main driver of this rise.
To date, although fees have decreased to a median amount of $11.61 or 0.00032 BTC per transfer, the network is still struggling with almost 240,000 transactions awaiting confirmation. According to data from mempool.space, high-priority transactions cost users $4.61, while low-priority ones fell to $1.64.
Miners are currently working on approximately 588 MB of data congested in blocks, with an average block time ranging from nine to over ten minutes.
This recent activity highlights the dynamic nature of the Bitcoin fee market and the impact of new applications such as ordinal listings on network congestion and transaction costs. Users are advised to be mindful of fluctuating fees and potential delays in confirming transactions while miners deal with the current backlog.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.