Ahmed Ali Bitcoin’s Transaction Backlog Expands as Ordinal Inscriptions Surge, Resulting in a 4,000% Increase in Fees
Following a period of relative calm since September 15, Bitcoin has experienced a resurgence in transaction backlogs, primarily due to a notable increase in Ordinal inscriptions commencing on October 24. The number of pending Bitcoin transactions in the mempool has now exceeded 157,000, causing high-priority transaction fees to soar to $3.38.
Renewed Congestion in Bitcoin Network Leads to Record Transaction Fees
As of the afternoon of November 6, 2023, precisely 157,101 transactions await confirmation at the Bitcoin network’s block height of 815,605. This comes after a peak in mid-September when there were over 700,000 pending transactions. By October 3, Bitcoin miners had reduced the backlog to a mere 27,210, with high-priority fees dropping to just $0.08 per transaction.
The recent surge in Ordinal inscriptions resulted in November 4 witnessing the second-highest daily total for such entries, with 440,760 additions, making it one of the busiest days in Bitcoin’s history, with 698,917 transactions being processed. This momentum continued on November 5, with an additional 403,026 inscriptions being logged.
Johoe’s Bitcoin Mempool Statistics as of November 6, 2023.
This flurry of activity, involving over 800,000 transfers within just two days, has substantially increased the mempool backlog. By the end of November 5, there were over 166,000 pending transactions, causing high-priority transaction fees to climb to $1.86.
Bitinfocharts.com data for the average Bitcoin transaction fee on November 6, 2023.
The following day, the pending transaction count remained above 157,000, with fees for expedited processing reaching $3.38, while standard transactions cost $0.49. According to bitinfocharts.com, the average transaction fee now stands at 0.00011 BTC or $3.71, with the median fee at 0.000061 BTC or $2.12 per transaction.
Significantly, the current average cost for Bitcoin block space surpasses the median Ethereum (ETH) fee, which stands at 0.0014 ETH or $2.66 per transaction. Data reveals a substantial 4,125% increase in high-priority transaction fees from October 3 to November 6, 2023.
It’s important to note the remarkable increase in unconfirmed transactions and the substantial spike in Bitcoin transfer fees. This development is likely to have significant implications for the cryptocurrency market and its users. We invite you to share your insights and opinions on this matter in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin Transaction Backlog
What is causing the surge in Bitcoin’s transaction backlog?
The surge in Bitcoin’s transaction backlog is primarily attributed to a significant increase in Ordinal inscriptions, which began on October 24, 2023.
How many pending Bitcoin transactions are currently in the mempool?
As of November 6, 2023, there are precisely 157,101 pending Bitcoin transactions in the mempool.
What were the transaction backlog and fees like before this surge?
Bitcoin had experienced reduced transaction backlogs and lower fees after a peak in mid-September, with only 27,210 pending transactions and $0.08 high-priority fees by October 3.
How significant is the recent increase in Ordinal inscriptions?
November 4 recorded the second-highest daily total for Ordinal inscriptions, with 440,760 additions, indicating a substantial increase in Bitcoin transaction activity.
What impact has this surge had on transaction fees?
Due to the surge in transaction backlogs, high-priority transaction fees have climbed to $3.38, marking a 4,000% increase from earlier in October.
How does Bitcoin’s transaction fee compare to Ethereum’s?
The average Bitcoin transaction fee, as of November 6, is now higher than Ethereum’s, with Bitcoin at $3.71 and Ethereum at $2.66 per transaction.
What implications does this surge in unconfirmed transactions and fees have for the cryptocurrency market?
The surge in unconfirmed transactions and soaring fees may have significant implications for the cryptocurrency market and its users, impacting transaction costs and network congestion.
More about Bitcoin Transaction Backlog
- Bitcoin Transaction Backlog Data
- Bitcoin Mempool Statistics
- Average Bitcoin Transaction Fees
- Ethereum Transaction Fees
- Cryptocurrency News
