A spike in transactions on the Bitcoin blockchain involving Ethereum-style tokens and NFT-like “inscriptions” has driven up congestion on the network, pushing the average fee rate to the highest in nearly two years while showering miners of the cryptocurrency with extra revenue.
On Wednesday, the average fee per Bitcoin transaction rose to $7.25, the highest since July 2021. For comparison, the rate so far this year had fluctuated between roughly 50 cents and $4, data from BitInfoCharts shows.
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