Bitcoin’s Transaction Backlog Swells With Latest Inscription Wave, Pushing Fees Up 4,000%

After a quiescent play post-September 15, Bitcoin transaction backlogs are surging anew, with a noticeable resurgence of Ordinal inscriptions starting October 24. The fig of pending bitcoin transactions successful the mempool has surpassed 157,000, prompting a emergence successful high-priority transaction fees to $3.38.

Bitcoin Sees Renewed Congestion, With Transaction Fees Hitting New Highs

As of the day of November 6, 2023, precisely 157,101 transactions await confirmation astatine the Bitcoin network’s artifact tallness of 815,605. Following a highest successful mid-September with implicit 700,000 pending transactions, Bitcoin miners had reduced the fig to a specified 27,210 by October 3, with high-priority fees dropping to conscionable $0.08 each.

The caller spike successful Ordinal inscriptions led to November 4 signaling the second-highest regular full for specified entries, with 440,760 additions making it 1 of the busiest days for Bitcoin with 698,917 transactions processed. The momentum continued connected November 5, with different 403,026 inscriptions logged.

This flurry of activity—over 800,000 transfers wrong 2 days—has inflated the mempool backlog. By the extremity of November 5, the ledger was clogged with implicit 166,000 pending transactions, and high-priority transaction fees climbed to $1.86.

The pursuing day, the pending number remained supra 157,000, with fees for expedited processing astatine $3.38, and modular transactions costing $0.49. According to bitinfocharts.com, the average transaction interest is present 0.00011 BTC oregon $3.71, with the median fee astatine 0.000061 BTC oregon $2.12 per transaction.

Notably, the mean outgo for Bitcoin artifact abstraction presently outpaces the median ethereum (ETH) fee, which stands astatine 0.0014 ETH oregon $2.66 per transaction. Data reveals a important 4,125% summation successful high-priority transaction fees from October 3 to November 6, 2023.

What bash you deliberation astir the unconfirmed transactions rising and the leap successful bitcoin transportation fees? Share your thoughts and opinions astir this taxable successful the comments conception below.