Bitcoin’s Average Transfer Fee Surged 92% in 4 Days With More Than 330,000 Unconfirmed Transactions in the Backlog

With 13.15 cardinal ordinal inscriptions connected the Bitcoin blockchain, request has continued to support web transportation fees high, arsenic the mean interest to transact onchain is 0.00012 BTC oregon $3.54 per transaction. Moreover, since June 18, 2023, mean fees connected the Bitcoin blockchain person accrued by much than 92%, rising from $1.84 to the existent transportation cost.

Bitcoin Fees Rise While Backlog of Unconfirmed Transfers Remain

Bitcoin fees person accrued by 92% implicit the past 4 days, arsenic reported by bitinfocharts.com connected June 22, 2023. According to information from bitinfocharts.com, mean fees person remained supra the $1 threshold since April 23, astir 60 days ago. On May 8, the mean interest reached a 2023 precocious of $31 per transaction. The surge successful fees tin beryllium attributed to predominant fiscal transfers broadcasted crossed the concatenation and the influx of Ordinal inscriptions, which person resulted successful an accrued transportation count.

Median-sized transportation fees person besides risen, and arsenic of property time, bitinfocharts.com data shows that the median interest on-chain connected June 22, 2023, is 0.000053 BTC oregon $1.60 per transfer. This follows a debased of $0.694 per transaction recorded connected June 18, indicating a surge of much than 130% successful median-sized fees wrong 4 days. Furthermore, archived statistics from mempool.space indicates that there’s astir 339,936 unconfirmed transactions arsenic of 1:01 p.m. (ET) connected Thursday afternoon.

Meanwhile, according to mempool.space data, the existent high-priority web transportation interest on-chain is $1.59 per transaction, portion a mean precedence interest is $1.17, a debased precedence interest is $0.92, and the no-priority interest stands astatine $0.50. Furthermore, archived metrics from June 19, 2023, uncover that successful a span of 3 days, the capableness connected the Lightning Network accrued from 5,408.88 BTC to the existent 5,427.05 BTC, representing a maturation of 0.33%.

What are your thoughts connected the rising Bitcoin web transportation fees and the fig of unconfirmed transactions? Share your thoughts and opinions astir this taxable successful the comments conception below.