Transaction fees on the Bitcoin network have begun to peak again after a long time. So what’s behind this increase?
Transaction fees on the Bitcoin network have increased above 37 USD. According to data from Mempool, the current minimum transaction fee exceeds 600 sat/vB, equivalent to about 37 USD. This increase in transaction fees resulted in more than 347,000 rejected transactions.
Furthermore, mempool usage not only exceeded 300 MB but also reached a staggering 1.41 GB.
Ordinals tokens, the cause of congestion, paid 235.8 BTC in transaction fees in just one day yesterday . The last time such high transaction fees were recorded was on May 9, when the Ordinals token was very 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 like text, images, etc. to Blockchain:
“Inscriptions is spamming the blockchain by exploiting a vulnerability in Bitcoin Core. Since 2013, Bitcoin Core has allowed users to set limits on the size of additional data in the transactions they transfer or mine. Inscriptions overcomes this limitation by disguising its data as program code.”
According to some BTC developers, the Inscription concept causes security vulnerabilities on the network.