Transaction fees on the Bitcoin network have risen severalfold as a result of the proliferation of Bitcoin NFTs.
Average transaction fee on the Bitcoin blockchain at the end of the week, according to BitInfoCharts data last seen in April 2021 $37 rose to the level. This number is in September and October It was at the level of 1-2 dollars.
The increase in transaction fees is largely Originates from Ordinals is considered. Thanks to this protocol, in the Bitcoin network qualified intellectual property title (NFT) can be created.
According to the dashboard in Dune Analytics, users friday-monday between more than 1 million Ordinals noted.
Markus Thielen, Research Manager at 10x Research, said: “Although Bitcoin is trending sideways, BTC mining stocks are still performing well, generating unusual amounts of transaction fees.” said.
Shares of mining companies have recently provided higher returns compared to Bitcoin. While Bitcoin gained 7 percent in value throughout the month, the shares of companies such as Marathon Digital, Riot Platform and Cleanspark increased in value between 15 percent and 40 percent.
Ordinals have become a topic of discussion within the Bitcoin community. Blockstream CEO Adam Back said: “can’t be stopped” While Luke Dashjr disagrees with this view.