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- The typical Bitcoin transaction fee is currently $19.20 (or 0.00068 BTC).
- The rise in Ordinals inscriptions has been cited as the cause for the recent surge in activity.
Concerns regarding a potential Denial of Service (DoS) “attack” on the Bitcoin network were expressed on Crypto Twitter over the weekend due to a significant spike in transaction fees and outstanding transactions. In light of these worries, various Bitcoin specialists and commentators have attempted to reassure their respective communities.
As per BitInfoCharts, the typical Bitcoin transaction fee is now $19.20 (or 0.00068 BTC). Concurrently, Mempool Space indicates that there are currently 459,341 transactions awaiting confirmation.
The quantity of unconfirmed #bitcoin transactions has reached a new all-time peak of 485,000.
The average expense to send a bitcoin has soared to $19.20.
Images of frogs and penises have rendered BTC ineffective for microtransactions.
Bitcoin maxis: This is acceptablepic.twitter.com/4XJujbAEID
— Mati Greenspan (@MatiGreenspan) May 8, 2023
pic.twitter.com/4XJujbAEID
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Due to the influx of users, the total fees per block have already exceeded the May 7 block subsidy reward of 6.25 BTC. A fixed block subsidy of 6.25 BTC is utilized in the proof-of-work mining process; this reward is halved every four years.
Fees Anticipated to Decrease
Nonetheless, this figure could be exceeded in the improbable scenario that the demand for block space escalates, resulting in higher transaction fees. Market analysts note that this has not happened since 2017. One block incurred costs of 6.76 BTC, while the fees for block 788695 were recorded at 6.7 BTC.
According to the Mempool Space explorer, the situation has stabilized somewhat since then, with fees falling back below the block reward. The transaction fees for the upcoming block are projected to reach 4.51 BTC.
The increase in Ordinals inscriptions has been attributed to the sudden rise in activity and the necessity for additional block space. Seventy-five percent of Bitcoin on-chain transactions employed Taproot on May 7, marking an all-time high, as reported by data analytics company Glassnode. Bitcoin is currently trading at $27,906, reflecting a 4% decrease according to CMC.
