Transaction fees on the Bitcoin network have risen above $37. According to data from Mempool, the current minimum transaction fee exceeds 600 sat/vB, or approximately $37. This increase in transaction fees resulted in more than 347,000 transactions being disapproved.
Moreover, mempool usage not only exceeded 300 MB, it reached a staggering 1.41 GB. Ordinals tokens, which were the cause of the congestion, paid 235.8 BTC in transaction fees in just one day yesterday. The last time such a high transaction fee was recorded was on May 9, when Ordinals tokens were so popular.
With the concept of Ordinals becoming popular again, transaction fees have increased for all Bitcoin users. Bitcoin Core Developer Luke Dashjr recently clarified this issue. Dashjr had the following to say about the inscription feature, which forms the basis of the Ordinals concept and allows additions such as text, images, etc. to the Blockchain:
“Inscriptions are spamming the blockchain by exploiting a vulnerability in Bitcoin Core. Since 2013, Bitcoin Core has allowed users to set a limit on the size of extra data in transactions they transfer or mine. Inscriptions overcomes this limit by disguising its data as program code.”
According to some BTC developers, the concept of Inscription causes a security vulnerability on the network.
*This is not investment advice.