Bitcoin transaction fees experienced a significant surge, reaching their highest level in six months, according to data from BitInfoCharts.
From their August low of $0.64, fees saw an impressive increase of over 2000%, standing at around $15.86 per transaction at the time of writing this report.
This rise in fees is attributed to the growing and renewed interest in “Ordinal Inscriptions” after Binance included ORDI tokens on its platform.
Ordinal Inscriptions, inscribed on a satoshi, which is Bitcoin’s lowest denomination, are digital assets similar to NFTs.
Although these inscriptions gained much popularity earlier this year, they lost momentum as time passed and the market evolved.
Bitcoin Transactions are Piling Up Due to Ordinals
The recent listing of ORDI tokens on Binance revitalized interest in these inscriptions, boosting their value by over 290% in the last week, according to CoinMarketCap data.
This resurgence propelled Bitcoin to become the second-largest blockchain in NFT sales volume, surpassed only by Ethereum, as per CryptoSlam data.
Despite the benefits for those holding “Ordinal Inscriptions,” the increase in transaction fees is causing a significant accumulation of unconfirmed transactions on the Bitcoin network, with over 150,000 currently pending verification.
In this context, BTC experiences a bullish run due to various factors, ranging from the potential approval of its ETF to the upcoming halving in a few months.
Although higher fees may pose challenges for Bitcoin traders, they also represent a lucrative opportunity for miners.
The fee increase translates to more substantial rewards for miners, especially as they prepare for the upcoming reward reduction associated with Bitcoin’s next halving.
Marathon Digital, a prominent Bitcoin miner, noted on social media that it recently earned 3.25 BTC in fees from mining a block.
