Bitcoin network fees have increased by more than 2000%

Bitcoin network fees rising to 2000%

The average commission on the bitcoin network has increased from $0.77 to $15.86 since august, according to BitInfoCharts. The increase amounted to about 2,200%.

This is a new high since May 2023, when the average commission on the network was $31.14.

At the time of writing, the figure continues to rise. The jump in the indicator was also noted by the developer of the Ordinals protocol under the pseudonym Leonidas. According to him, in the 24 hours from November 8 to 9, the share of “inscriptions” in the entire volume of bitcoin transactions amounted to 57%.
It is noteworthy, a similar situation has been previously. In early May 2023, the average transaction fee in the bitcoin network reached $19.

The jump in the indicator caused a surge in demand for “inscriptions”. At the peak, transaction costs exceeded $30. Then the excitement and popularity of Ordinals waned.
In August 2023, the trading volume for this position dropped by more than 97%. However, now, according to Galaxy Research analysts, the popularity of “inscriptions” is on the rise again.
some developers of the Bitcoin Core team stated the need to take radical measures and block Ordinals. In their opinion, such transactions only hinder the normal operation of the network.

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