Bitcoin (BTC) transaction charges are at their highest level in nearly half a year as a new surge of staking increases competition for block space.Thank you for reading this post, don't forget to subscribe!
Data from the statistics resource BitInfoCharts shows that by November 7 the average BTC transaction charge had reached close to $6.
Sequential numbers are taking over the Bitcoin mempool again
This week, the return of Bitcoin sequential numbers is making its presence felt as on-chain transactions attract hugely high charges.
In a situation reminiscent of the second quarter of this year, Blockspace is being taken over by sequential numbers inscriptions.
Sequential numbers are non-fungible tokens (NFTs) that store data directly on the blockchain. BRC-20 sequential numbers can add significant transaction numbers for Bitcoin miners to process on-chain, clogging the mempool and resulting in more competition for confirmations.
The result is that more charges are required and without them transactions will confirm much slower than normal.
Bitcoin sequential numbers heatmap (screenshot). Source: GeniiData
According to data from GeniiData, nearly one million serial “mints” have occurred in the past seven days.
The most active projects have changed, at the time of writing the most active minters came from BEES, GPTS, and HALV.
BRC-20 coin $rats Blocking the mempool, causing a significant increase in Bitcoin transaction charges.
Can anyone give us more information about this token? pic.twitter.com/O7EAPHy83F
– Sequential Numbers Wallet (@sequentialnumberswallet) 4 November 2023
According to live data from mempool.space, Bitcoin’s mempool currently has a backlog of more than 120,000 unconfirmed transactions.
In contrast, there were less than 30,000 people in the queue in early October.
Bitcoin mempool data overview (screenshot). Source: mempool.space
BTC miners’ profits increase
When discussing what the charge trend may hold next, social media users warned that new projects will launch after other projects are completed.
RELATED: Elon Musk Criticizes NFTs But Ends Debate on the Case of Bitcoin Sequential Numbers
$BES Mempool has been changed to xml
Fees are now around 70 sessions!!
Also, who will bee collecting now that the tokens are minted?! pic.twitter.com/PjMJdzRkyA
– pawellwitt.xbt (@pawellwitt) 6 November 2023
Yesterday was the end of foxes, now is the end of bees and the next thing is coming right after
– Machine 384 (@sascha_bay) 6 November 2023
Meanwhile, Bitcoin miners are taking advantage, with income from charges rising rapidly.
According to on-chain analytics firm Glassnode, on November 6, 8.5% of miners’ revenue came from increased fee rates – the largest daily proportion since the beginning of June.
Bitcoin miner’s % revenue from charges chart. Source: Glassnode
This article does not constitute investment advice or recommendations. Every investing and trading move involves risk, and readers should do their own research when making decisions.