A week after Bitcoin’s controversial NFT platform rocked the centre of crypto discussions, transaction fees on the blockchain are beginning to see a significant surge.
Over the last nine days, a 120% surge has been recorded, with fees inching closer to the $2 mark. The last time Bitcoin charged above $2 for a transaction was back in November 2022, on the heels of the FTX saga.
For block miners, this represents good news. An increase in block activity drives traffic to the network offering miners increased incentives as they solve cryptographic problems.
Ordinals have so far created over 18,000 block inscriptions resulting in a growing list of unconfirmed transactions nearing 25,000. As the cost of transactions increases, miners have found ways to recoup net losses from mining.
Current data as of report time shows the cost of mining BTC to tally around $24,620. This is slightly higher than the market value of Bitcoin, which fell from its $23k stronghold to trade at $22,708. Without the benefit of transaction fees, miners are currently left with an average loss of $1,300.
(By Collins K.O)
All Comments