Transaction fees within the Bitcoin network have surged considerably, eclipsing the figures recorded merely three days prior. A transfer deemed high-priority, which formerly cost an average of $3.38, now demands a fee of $8.46. This significant increase was recorded on Thursday, November 9, 2023, at precisely 9:52 a.m. Eastern Time. This upsurge coincides with a backlog exceeding 200,000 pending transactions in Bitcoin’s mempool, a situation attributed to both the escalated fees and a recent spike in Ordinal inscriptions.
Bitcoin Fees Skyrocket in 72 Hours as Users Scramble for Tightening Block Space
The demand for space in Bitcoin’s ledger has witnessed a sharp rise, compelling miners to face a daunting 429 megabytes of data backlog, equivalent to approximately 229 blocks. At block height 815,999, there is a logjam of around 201,646 transactions awaiting confirmation by miners.
Only three days ago, the fee to expedite a transaction with high priority was pegged at $3.38; since the
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