Bitcoin (BTC) transaction fees are at their highest level in nearly six months as a wave of new registrations intensifies competition for block space.
Data from statistics resources Bit information chart As of November 7th, it shows that average BTC transaction fees are approaching $6.
Ordinals embraces Bitcoin mempool again
This week, the resurgence of Bitcoin Ordinal is making its presence felt amidst high fees for on-chain transactions.
In an environment reminiscent of the second quarter of this year, block space is occupied by regular inscriptions.
Ordinal is a non-fungible token (NFT) that stores data directly on the blockchain. BRC-20 Ordinals significantly increases the number of transactions that Bitcoin miners process on-chain, potentially clogging memory pools and thus increasing competition for confirmations.
As a result, higher fees are required and commission-free transaction confirmations take much longer than usual.
![](https://s3.cointelegraph.com/uploads/2023-11/e2027cd0-bf9c-45ba-aac7-a753d68c6ce9.png)
According to statistics GeniiDataalmost 1 million regular “mints” have occurred in the past 7 days.
The most active projects have changed over this time, and as of this writing, the most active minters are BEES, gpts, and HALV.
BRC-20 coin $RATS The memory pool is getting clogged, causing a significant increase in Bitcoin transaction fees.
Can someone give me more information about this token? pic.twitter.com/O7EAPHy83F
— Ordinals Wallet (@ordinalswallet) November 4, 2023
According to live data, Bitcoin’s memory pool currently has a backlog of over 120,000 unconfirmed transactions. men pool space.
By contrast, fewer than 30,000 people were in line in early October.
![](https://s3.cointelegraph.com/uploads/2023-11/882caa62-3392-4f52-9aef-cd113780b506.png)
Increased profits for BTC miners
Discussing what the fee trends will be next, social media users warned that new minting projects will start to take over as other minting projects are completed.
RELATED: Elon Musk slams NFTs, but ends up making the case for Bitcoin ordinal numbers
$BEES Changed Menpur to Ordive
The price is now about 70Sat!!already had $RATS $FOXS $OWLS $BNBS What’s next? !
Also, now that the tokens have been minted, which Bee Collection will be released?! pic.twitter.com/PjMJdzRkyA
— pawellwitt.xbt (@pawellwitt) November 6, 2023
Yesterday was the fox, now it’s the end of the bees, and the next thing comes soon after.
— Machine 384 (@sascha_bay) November 6, 2023
Meanwhile, the beneficiaries are Bitcoin miners, whose fee income is rapidly increasing.
According to an on-chain analytics company glass nodeon November 6, 8.5% of miners’ revenue came from fee rate increases, the largest daily percentage since early June.
![](https://s3.cointelegraph.com/uploads/2023-11/60afdad8-94c9-43ae-87d3-2b8ad8184cf4.png)
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.