Bitcoin Transaction Fees Surge To $27.55 Amid Growing Unconfirmed Backlog
Bitcoin transaction fees spiked again, with bitinfocharts.com reporting a surge to $27.55 per transaction on December 6, 2023.
Currently averaging around $13.93, these fees coincide with a substantial backlog of unconfirmed transactions, numbering 249,000. The Bitcoin mempool, tracking unverified transactions, is impacted by the rise in Ordinal inscriptions, consuming both block space and transaction data. Presently, 287 blocks or 493 megabytes need clearance to alleviate the backlog.
Despite a brief fee decline to $5-$7 from Nov. 26 to Dec. 2, fees surged the following week, reaching $27.55 on Dec. 6, with a median fee of $17.70. Glassnode’s lead analyst, “Checkmate,” noted that although inscriptions constitute 50% of daily transactions, they make up less than 10% of block data. Yet, they contribute significantly to fees (20%-40%), benefiting from the Segregated Witness discount. The analyst emphasized that inscriptions enhance value and fee efficiency within the existing block size, supporting the Bitcoin network despite user discontent.
Clever Robot News Desk 17th December 2023
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