Bitcoin Ordinals send BTC Transaction Fees to new 5-month peak - Live Crypto Update
Inordinately high — Bitcoin Ordinals send BTC transaction fees to new 5-month peak

The increasing demand for block space has pushed Bitcoin (BTC) transaction fees to their highest level in nearly six months, according to data from statistics resource BitInfoCharts. The average BTC transaction fee is currently around $6 as of Nov. 7.

Crypto miners, crypto projects, and crypto live updates are all part of the daily crypto podcast, and the best live crypto feed can provide real-time information to crypto enthusiasts.

Ordinals taking up Bitcoin mempool again

This week, the presence of Bitcoin Ordinals is being felt as they drive up on-chain transaction fees reminiscent of Q2 this year. Ordinals are nonfungible tokens (NFTs) that store data directly on the blockchain, creating more competition for confirmations and consequently higher fees.

According to GeniiData, almost 1 million ordinal “mints” have occurred in the past seven days, with the most active projects being BEES, gpts and HALV.

The crypto live stream of the Bitcoin mempool shows a backlog of over 120,000 unconfirmed transactions, a significant increase from the 30,000 at the beginning of October.

The daily crypto podcast of the best live crypto projects is helping to drive up demand for on-chain confirmations, as the data crypto miners process the real time crypto transactions.

Increased profits for BTC miners

As crypto projects continue to come on board, social media users have predicted that the fee trend will change. However, these changes have been beneficial for Bitcoin miners, whose revenue from fees has seen a significant increase.

According to on-chain analytics firm Glassnode, on Nov. 6, 8.5% of miners’ revenue was generated from the higher fee rates — the highest daily proportion since early June.

With the best live crypto and daily crypto podcast, miners can stay up to date with the real time data crypto and block crypto to ensure they’re reaping the most from their investments.

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