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

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

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

Bitcoin Sees Renewed Congestion, With Transaction Fees Hitting New Highs

As of the afternoon of November 6, 2023, precisely 157,101 transactions await confirmation at the Bitcoin network’s block height of 815,605. Following a peak in mid-September with over 700,000 pending transactions, Bitcoin miners had reduced the number to a mere 27,210 by October 3, with high-priority fees dropping to just $ 0.08 each.

The recent spike in Ordinal inscriptions led to November 4 recording the second-highest daily total for such entries, with 440,760 additions making it one of the busiest days for Bitcoin with 698,917 transactions processed. The momentum continued on November 5, with another 403,026 inscriptions logged.

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

The following day, the pending count remained above 157,000, with fees for expedited processing at $ 3.38, and standard transactions costing $ 0.49. According to bitinfocharts.com, the average transaction fee is now 0.00011 BTC or $ 3.71, with the median fee at 0.000061 BTC or $ 2.12 per transaction.

Notably, the average cost for Bitcoin block space currently outpaces the median ethereum (ETH) fee, which stands at 0.0014 ETH or $ 2.66 per transaction. Data reveals a significant 4,125% increase in high-priority transaction fees from October 3 to November 6, 2023.

What do you think about the unconfirmed transactions rising and the jump in bitcoin transfer fees? Share your thoughts and opinions about this subject in the comments section below.

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