With the recent frenzy of Bitcoin Ordinals, competition for block space on the Bitcoin network continues to rise. As a result, transaction fees on the Bitcoin network have reached their highest level in about six months, according to data from the blockchain data analysis platform BitInfoCharts.
The resurgence of the Bitcoin Ordinals hype has brought attention to the high transaction fees on the chain in the Bitcoin network this week. The hype surrounding ordinal contracts in the Bitcoin ecosystem has gained significant attention during the second quarter of this year.
The ordinal revolution refers to tokens that directly store and modify data on the blockchain network in the Bitcoin network. BRC-20 ordinal assets can bring a significant number of transactions to the chain for Bitcoin miners, clog the mempool, and face more competition for contract confirmations.
As a result, higher transaction fees are required for transaction confirmations during this intense period, and transactions made without this fee increase are confirmed much slower than usual.
According to statistics from the blockchain data analysis platform GeniiData, nearly 1 million sequenced mining transactions have taken place in the past seven days. During this period, the most active projects have changed over time, and at the time of writing this article, the most active miners in on-chain data were BEES, gpts, and HALV.
According to live blockchain data published via Mempool.space, there are currently over 120,000 unconfirmed transactions in Bitcoin’s mempool, waiting to be confirmed. However, at the beginning of October, the number of unconfirmed transactions was less than 30,000.
Following these developments, social media users discussing the fee trend warned that after one segment is completed, the popularity of new token projects will increase.
In addition to the increased revenue from transaction fees, Bitcoin miners continue to benefit from this situation. According to blockchain data analysis firm Glassnode, on November 6th, 8.5% of miner revenue came from increased fee rates. This development marked the largest daily rate since the beginning of June.